Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) to Post Q1 2024 Earnings of ($1.18) Per Share, Leerink Partnrs Forecasts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) – Stock analysts at Leerink Partnrs issued their Q1 2024 earnings estimates for Mind Medicine (MindMed) in a research report issued to clients and investors on Monday, April 15th. Leerink Partnrs analyst R. Li anticipates that the company will post earnings per share of ($1.18) for the quarter. Leerink Partnrs currently has a “Outperform” rating on the stock. The consensus estimate for Mind Medicine (MindMed)’s current full-year earnings is ($1.72) per share. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s 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.

A number of other brokerages have also recently commented on MNMD. Royal Bank of Canada upped their price target 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. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a report on Monday. They issued an “outperform” rating and a $20.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.20.

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD opened at $8.91 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22. The company has a 50 day simple moving average of $7.98 and a two-hundred day simple moving average of $4.92. The company has a market capitalization of $626.11 million, a PE ratio of -3.64 and a beta of 2.81.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11).

Institutional Investors Weigh In On Mind Medicine (MindMed)

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

Insider Buying and Selling at Mind Medicine (MindMed)

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