Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 5.9%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares rose 5.9% on Monday . The stock traded as high as $9.04 and last traded at $9.02. Approximately 417,570 shares were traded during trading, a decline of 78% from the average daily volume of 1,868,930 shares. The stock had previously closed at $8.52.

Wall Street Analyst Weigh In

MNMD has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Royal Bank of Canada raised their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Finally, SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. They set an “outperform” rating and a $20.00 price target for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and an average target price of $25.20.

Mind Medicine (MindMed) Trading Up 5.9 %

The company has a market cap of $633.84 million, a price-to-earnings ratio of -3.74 and a beta of 2.80. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The firm has a fifty day moving average price of $8.47 and a 200 day moving average price of $5.18.

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

Insider Buying and Selling at Mind Medicine (MindMed)

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $273,000. Commonwealth Equity Services LLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $53,000. Rathbones Group PLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $78,000. Jump Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $106,000. Finally, Regal Investment Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $46,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Company Profile

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.