Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 7.8% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares shot up 7.8% during trading on Monday . The company traded as high as $7.82 and last traded at $7.74. 795,560 shares were traded during trading, a decline of 40% from the average session volume of 1,329,039 shares. The stock had previously closed at $7.18.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MNMD shares. HC Wainwright restated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Oppenheimer reissued an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, Canaccord Genuity Group reduced their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Stock Down 12.8 %

The company has a market cap of $518.46 million, a P/E ratio of -3.13 and a beta of 2.60. The stock has a 50-day moving average of $7.40 and a two-hundred day moving average of $6.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the transaction, the insider now directly owns 338,013 shares of the company’s stock, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the 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 $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 trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP raised its holdings in Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after purchasing an additional 161,659 shares in the last quarter. State Street Corp lifted its position in Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after acquiring an additional 9,782 shares during the period. Geode Capital Management LLC boosted its stake in Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Mind Medicine (MindMed) by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after purchasing an additional 46,187 shares during the period. Finally, Tri Locum Partners LP increased its stake in shares of Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after purchasing an additional 2,459 shares in the last quarter. Institutional investors 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.