Mind Medicine (MindMed) (NASDAQ:MNMD) Rating Reiterated by Leerink Partnrs

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “outperform” rating reissued by equities research analysts at Leerink Partnrs in a research note issued to investors on Monday, Zacks.com reports. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s Q1 2024 earnings at ($1.18) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

MNMD has been the topic of a number of other research reports. HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. SVB Leerink started coverage on shares of Mind Medicine (MindMed) in a research report on Monday. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, Royal Bank of Canada boosted their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $25.20.

Mind Medicine (MindMed) Trading Down 3.5 %

Mind Medicine (MindMed) stock traded down $0.35 during mid-day trading on Monday, hitting $9.53. The company’s stock had a trading volume of 778,456 shares, compared to its average volume of 1,960,628. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22. The stock has a market cap of $669.67 million, a price-to-earnings ratio of -3.89 and a beta of 2.81. The business has a 50 day moving average price of $7.79 and a 200-day moving average price of $4.86. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, analysts forecast that Mind Medicine will post -1.7 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at $5,511,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the sale, the insider now owns 358,452 shares in the company, valued at $3,405,294. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares of the company’s stock, valued at $5,511,919. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in Mind Medicine (MindMed) by 1,063.1% in the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock worth $3,249,000 after acquiring an additional 4,638,774 shares in the last quarter. LPL Financial LLC bought a new stake in Mind Medicine (MindMed) during the 2nd quarter valued at about $496,000. Cubist Systematic Strategies LLC bought a new stake in Mind Medicine (MindMed) during the 2nd quarter valued at about $328,000. State Street Corp raised its holdings in Mind Medicine (MindMed) by 7.3% in the first quarter. State Street Corp now owns 6,145,503 shares of the company’s stock worth $6,822,000 after buying an additional 416,765 shares during the last quarter. Finally, Geode Capital Management LLC bought a new position in shares of Mind Medicine (MindMed) in the fourth quarter worth approximately $619,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine for the treatment of core symptoms of autism spectrum disorder.