Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 5.5% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price rose 5.5% during mid-day trading on Monday . The company traded as high as $6.94 and last traded at $7.16. Approximately 517,608 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 1,376,453 shares. The stock had previously closed at $6.79.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MNMD. Evercore ISI assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price for the company. Chardan Capital began coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, January 31st. Ten equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $26.33.

Mind Medicine (MindMed) Stock Performance

The firm has a 50 day simple moving average of $7.26 and a 200-day simple moving average of $6.90. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. During the same period last year, the business earned ($0.53) EPS. Equities research analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 over the last ninety days. 2.26% of the stock is currently owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) during the third quarter worth approximately $58,000. Sanctuary Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the third quarter worth approximately $91,000. Foundations Investment Advisors LLC acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at $91,000. Stoneridge Investment Partners LLC acquired a new position in Mind Medicine (MindMed) in the 3rd quarter valued at $93,000. Finally, SG Americas Securities LLC bought a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at $93,000. Institutional investors and hedge funds 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.