Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Should You Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $8.39, but opened at $9.00. Mind Medicine (MindMed) shares last traded at $8.80, with a volume of 1,054,012 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Canaccord Genuity Group lowered their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. 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 for the company. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 target price for the company. Finally, Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Nine investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Stock Up 1.0 %

The company has a quick ratio of 5.92, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market cap of $611.03 million, a PE ratio of -3.72 and a beta of 2.48. The company’s fifty day moving average is $6.29 and its 200-day moving average is $7.24.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, analysts predict that Mind Medicine will post -1.25 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 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 transaction of $41,088.58. Following the completion of the sale, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert Barrow sold 19,771 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 $118,230.58. Following the completion of the transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 in the last three months. 2.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SageView Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) in the first quarter worth approximately $25,000. Blackstone Inc. bought a new position in Mind Medicine (MindMed) in the 1st quarter worth $11,749,000. Janus Henderson Group PLC purchased a new stake in Mind Medicine (MindMed) in the 1st quarter worth $8,964,000. AWM Investment Company Inc. purchased a new position in shares of Mind Medicine (MindMed) in the first quarter valued at about $7,830,000. Finally, Tidal Investments LLC bought a new position in shares of Mind Medicine (MindMed) in the first quarter worth about $1,698,000. Institutional investors own 27.91% of the company’s stock.

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.