Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 6.8% Higher

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares rose 6.8% during mid-day trading on Tuesday . The company traded as high as $9.35 and last traded at $9.27. Approximately 577,000 shares traded hands during trading, a decline of 70% from the average daily volume of 1,919,400 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. They issued an “outperform” rating and a $20.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Royal Bank of Canada raised their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and an average price target of $25.20.

Mind Medicine (MindMed) Price Performance

The firm has a market capitalization of $598.70 million, a PE ratio of -3.48 and a beta of 2.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a fifty day moving average price of $8.39 and a 200-day moving average price of $5.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its 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). Sell-side analysts forecast that Mind Medicine will post -1.72 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MNMD. Scotia Capital Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the fourth quarter worth approximately $441,000. Jump Financial LLC boosted its stake in Mind Medicine (MindMed) by 8.3% during the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after buying an additional 2,826 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. purchased a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth $73,000. Bailard Inc. acquired a new stake in Mind Medicine (MindMed) during the fourth quarter worth about $63,000. Finally, Citigroup Inc. acquired a new stake in Mind Medicine (MindMed) during the third quarter worth about $273,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

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 for the treatment of core symptoms of autism spectrum disorder.