Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 6.8%

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) traded up 6.8% during mid-day trading on Tuesday . The company traded as high as $9.35 and last traded at $9.27. 577,000 shares were traded during mid-day trading, a decline of 70% from the average session volume of 1,919,400 shares. The stock had previously closed at $8.68.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price for the company. Royal Bank of Canada increased their target price on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Up 4.3 %

The firm has a market cap of $635.94 million, a P/E ratio of -3.82 and a beta of 2.80. The business’s fifty day moving average price is $8.15 and its two-hundred day moving average price is $5.03. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). As a group, equities research analysts anticipate that Mind Medicine will post -1.72 EPS for the current year.

Insider Activity

In related news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the sale, 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 insiders.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors have recently made changes to their positions in MNMD. Regal Investment Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $46,000. Commonwealth Equity Services LLC bought a new position in Mind Medicine (MindMed) during the 3rd quarter valued at about $53,000. Bailard Inc. bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $63,000. Mitchell Mcleod Pugh & Williams Inc. bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $73,000. Finally, Rathbones Group PLC bought a new position in Mind Medicine (MindMed) during the 3rd quarter valued at about $78,000. 27.91% of the stock is currently 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 for the treatment of core symptoms of autism spectrum disorder.