Mind Medicine (MindMed) (NASDAQ:MNMD) Now Covered by Analysts at Chardan Capital

Investment analysts at Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued on Friday, MarketBeat reports. The firm set a “buy” rating and a $20.00 price target on the stock. Chardan Capital’s target price suggests a potential upside of 185.31% from the company’s previous close.

Several other analysts have also recently commented on MNMD. HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. Oppenheimer reissued an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday. Finally, Canaccord Genuity Group cut their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $26.75.

Mind Medicine (MindMed) Stock Down 2.9 %

Shares of Mind Medicine (MindMed) stock opened at $7.01 on Friday. Mind Medicine has a 1 year low of $3.35 and a 1 year high of $12.22. The company has a market cap of $514.06 million, a P/E ratio of -3.10 and a beta of 2.58. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average price of $7.11 and a 200 day moving average price of $7.00.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock worth $173,384 over the last 90 days. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bridgewealth Advisory Group LLC acquired a new stake in Mind Medicine (MindMed) in the 2nd quarter worth $72,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $58,000. Wealth Alliance acquired a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter valued at about $79,000. Arizona State Retirement System bought a new stake in Mind Medicine (MindMed) in the second quarter valued at about $114,000. Finally, Sanctuary Advisors LLC acquired a new position in Mind Medicine (MindMed) in the third quarter worth about $91,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.