Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $7.69, but opened at $8.00. Mind Medicine (MindMed) shares last traded at $8.76, with a volume of 556,521 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have commented on MNMD. Oppenheimer reissued an “outperform” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Finally, Canaccord Genuity Group decreased their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Price Performance

The firm has a market cap of $611.59 million, a price-to-earnings ratio of -3.69 and a beta of 2.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The stock has a 50-day moving average price of $7.35 and a 200 day moving average price of $6.95.

Insider Activity at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,106 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction that occurred 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 directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock worth $208,203 in the last three months. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bridgewealth Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) during the 2nd quarter worth $72,000. Wealth Enhancement Advisory Services LLC bought a new position in Mind Medicine (MindMed) during the 3rd quarter valued at $58,000. Wealth Alliance bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at approximately $79,000. Arizona State Retirement System bought a new position in Mind Medicine (MindMed) during the second quarter worth $114,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $91,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.