Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 4.9% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was up 4.9% during mid-day trading on Wednesday . The company traded as high as $7.89 and last traded at $7.85. Approximately 164,916 shares changed hands during trading, a decline of 88% from the average daily volume of 1,422,092 shares. The stock had previously closed at $7.48.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MNMD. Leerink Partners started 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. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Canaccord Genuity Group dropped their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Finally, Oppenheimer restated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday. Eight research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $27.71.

Mind Medicine (MindMed) Stock Performance

The stock 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 debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The stock has a 50-day simple moving average of $7.11 and a 200-day simple moving average of $7.00.

Insider Activity at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction on 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 directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,994 shares of company stock valued at $173,384. 2.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MNMD. Tri Locum Partners LP raised its position in shares of Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after acquiring an additional 2,459 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after buying an additional 4,079 shares during the period. Cubist Systematic Strategies LLC raised its stake in Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after buying an additional 6,890 shares during the last quarter. State Street Corp lifted its holdings in Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after buying an additional 9,782 shares during the period. Finally, Bridgewealth Advisory Group LLC bought a new stake in Mind Medicine (MindMed) during the second quarter valued at $72,000. 27.91% of the stock is 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.