Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 5.5% Higher – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price was up 5.5% during mid-day trading on Monday . The company traded as high as $6.94 and last traded at $7.16. Approximately 517,608 shares traded hands during trading, a decline of 62% from the average daily volume of 1,376,453 shares. The stock had previously closed at $6.79.

Analyst Upgrades and Downgrades

MNMD has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. 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 target price on the stock. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Oppenheimer restated an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Finally, Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 target price for the company. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $26.33.

Mind Medicine (MindMed) Stock Performance

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’s 50-day moving average price is $7.26 and its 200 day moving average price is $6.90.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. During the same period last year, the business posted ($0.53) earnings per share. Analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction 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 owns 526,666 shares in the company, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the sale, the insider now directly owns 338,013 shares in the company, valued at $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,022 shares of company stock worth $208,203. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its stake in shares of 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 buying an additional 162,933 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares during the period. Barclays PLC raised its position in shares of Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after acquiring an additional 91,271 shares during the period. XTX Topco Ltd acquired a new position in Mind Medicine (MindMed) during the third quarter valued at approximately $337,000. Finally, Oppenheimer & Co. Inc. bought a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $298,000. 27.91% of the stock is owned by institutional investors.

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.