Leerink Partnrs Reaffirms “Outperform” Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “outperform” rating reiterated by Leerink Partnrs in a 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.

Several other research firms also recently commented on MNMD. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. SVB Leerink started coverage on Mind Medicine (MindMed) in a research report on Monday. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, Royal Bank of Canada upped their target price on 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD traded down $0.35 during trading on Monday, reaching $9.53. 778,456 shares of the company’s stock were exchanged, compared to its average volume of 1,960,628. The business has a 50 day moving average price of $7.79 and a 200-day moving average price of $4.86. The stock has a market capitalization of $669.67 million, a P/E ratio of -3.89 and a beta of 2.81. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Sell-side analysts forecast that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction that occurred 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 completion of 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 available at this link. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction 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 completion of 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 can be accessed through the SEC website. Also, insider Dan Karlin sold 6,578 shares of the company’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 owns 358,452 shares of the company’s stock, valued at $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its holdings in Mind Medicine (MindMed) by 1,063.1% during the 2nd 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 during the period. LPL Financial LLC acquired a new stake in Mind Medicine (MindMed) during the 2nd quarter worth about $496,000. Cubist Systematic Strategies LLC acquired a new stake in Mind Medicine (MindMed) during the 2nd quarter worth about $328,000. State Street Corp grew its holdings in Mind Medicine (MindMed) by 7.3% during the 1st 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 during the period. Finally, Geode Capital Management LLC acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth about $619,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.