Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 20.2%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMDGet Free Report) shares rose 20.2% during mid-day trading on Wednesday . The stock traded as high as $12.15 and last traded at $11.84. Approximately 2,394,555 shares changed hands during trading, an increase of 23% from the average daily volume of 1,947,652 shares. The stock had previously closed at $9.85.

Wall Street Analyst Weigh In

MNMD has been the topic of several research reports. Canaccord Genuity Group assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, December 5th. They set a “buy” rating and a $9.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Finally, Royal Bank of Canada upped their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $24.83.

Get Our Latest Report on MNMD

Mind Medicine (MindMed) Stock Up 18.8 %

The firm has a market capitalization of $822.16 million, a price-to-earnings ratio of -4.83 and a beta of 2.81. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The firm has a fifty day moving average price of $6.46 and a 200 day moving average price of $4.38.

Mind Medicine (MindMed) (NASDAQ:MNMDGet Free Report) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Sell-side analysts anticipate that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dan Karlin sold 6,578 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the transaction, the insider now owns 358,452 shares in the company, valued at $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MNMD. Royal Bank of Canada boosted its position in Mind Medicine (MindMed) by 60.7% in the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after buying an additional 2,824 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth $28,000. Virtu Financial LLC bought a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth $29,000. Regal Investment Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth $46,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth $53,000. 27.91% of the stock is currently owned by institutional investors.

Mind Medicine (MindMed) Company Profile

(Get Free Report)

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.

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