Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target Lowered to $14.00 at Canaccord Genuity Group

Mind Medicine (MindMed) (NASDAQ:MNMD) had its target price dropped by investment analysts at Canaccord Genuity Group from $16.00 to $14.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 122.58% from the company’s previous close.

Several other analysts have also recently issued reports on MNMD. Royal Bank of Canada reissued an “outperform” rating and set a $22.00 price objective on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. HC Wainwright lifted their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Baird R W raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. Finally, Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $25.38.

Mind Medicine (MindMed) Trading Down 2.5 %

Shares of MNMD stock traded down $0.16 during mid-day trading on Monday, hitting $6.29. 130,259 shares of the company’s stock were exchanged, compared to its average volume of 1,528,313. The stock has a market cap of $452.07 million, a price-to-earnings ratio of -2.14 and a beta of 2.53. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22. The stock has a 50-day simple moving average of $7.14 and a two-hundred day simple moving average of $8.08.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). Equities analysts expect that Mind Medicine will post -1.27 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,925 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now directly owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. Corporate insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently made changes to their positions in the company. Blackstone Inc. bought a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth about $11,749,000. Janus Henderson Group PLC acquired a new position in Mind Medicine (MindMed) in the first quarter valued at approximately $8,964,000. AWM Investment Company Inc. bought a new position in shares of Mind Medicine (MindMed) during the first quarter valued at approximately $7,830,000. Bank of New York Mellon Corp raised its position in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares during the period. Finally, Tidal Investments LLC acquired a new position in Mind Medicine (MindMed) during the 1st quarter valued at approximately $1,698,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Company Profile

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.