Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 4.5%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) rose 4.5% on Thursday . The stock traded as high as $9.94 and last traded at $9.93. Approximately 617,016 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,943,475 shares. The stock had previously closed at $9.50.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MNMD shares. HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Royal Bank of Canada lifted their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, Canaccord Genuity Group initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, December 5th. They issued a “buy” rating and a $9.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $24.83.

Mind Medicine (MindMed) Trading Down 1.1 %

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 market capitalization of $388.54 million, a P/E ratio of -3.84 and a beta of 2.65. The firm has a 50-day moving average of $5.99 and a 200-day moving average of $4.23.

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 the consensus estimate of ($0.48) by ($0.11). On average, equities research analysts anticipate that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Robert Barrow sold 16,519 shares of the 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 sale, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dan Karlin sold 6,578 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the sale, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in MNMD. Goldman Sachs Group Inc. raised its stake in Mind Medicine (MindMed) by 316.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 111,931 shares of the company’s stock valued at $410,000 after buying an additional 85,025 shares during the last quarter. Scotia Capital Inc. purchased a new position in Mind Medicine (MindMed) during the fourth quarter valued at approximately $441,000. Jump Financial LLC raised its position in Mind Medicine (MindMed) by 8.3% during the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after acquiring an additional 2,826 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Mind Medicine (MindMed) by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 191,874 shares of the company’s stock valued at $702,000 after acquiring an additional 3,338 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. purchased a new position in Mind Medicine (MindMed) during the fourth quarter valued at approximately $73,000. 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 for the treatment of core symptoms of autism spectrum disorder.