Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $14.81 and last traded at $13.6060, with a volume of 1370810 shares trading hands. The stock had previously closed at $13.64.
Analyst Ratings Changes
MNMD has been the subject of a number of analyst reports. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th. Royal Bank Of Canada decreased their target price on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Jones Trading began coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 23rd. They set a “buy” rating and a $61.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating on shares of Mind Medicine (MindMed) in a report on Monday. Finally, Canaccord Genuity Group raised their target price on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $30.33.
Read Our Latest Report on Mind Medicine (MindMed)
Mind Medicine (MindMed) Price Performance
Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). As a group, research analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, insider Mark Sullivan sold 11,276 shares of the firm’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $13.15, for a total value of $148,279.40. Following the transaction, the insider directly owned 282,576 shares in the company, valued at approximately $3,715,874.40. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel Karlin sold 5,600 shares of Mind Medicine (MindMed) stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $13.15, for a total transaction of $73,640.00. Following the completion of the transaction, the insider directly owned 425,025 shares of the company’s stock, valued at $5,589,078.75. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 42,667 shares of company stock valued at $561,071. Company insiders own 2.26% of the company’s stock.
Institutional Trading of Mind Medicine (MindMed)
Institutional investors and hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter valued at approximately $107,000. Caxton Associates LLP acquired a new stake in Mind Medicine (MindMed) in the third quarter worth $126,000. Sender Co & Partners Inc. bought a new stake in Mind Medicine (MindMed) in the third quarter valued at $305,000. Scientech Research LLC acquired a new position in shares of Mind Medicine (MindMed) during the third quarter valued at $286,000. Finally, Mercer Global Advisors Inc. ADV grew its position in shares of Mind Medicine (MindMed) by 10.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 21,931 shares of the company’s stock worth $259,000 after acquiring an additional 2,079 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors and hedge funds.
Mind Medicine (MindMed) Company Profile
Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.
The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.
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