Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 3.1% Higher – Should You Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price traded up 3.1% on Monday . The stock traded as high as $13.50 and last traded at $13.47. 411,571 shares changed hands during trading, a decline of 74% from the average session volume of 1,613,761 shares. The stock had previously closed at $13.06.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MNMD shares. Royal Bank Of Canada cut their target price on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. Chardan Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, November 19th. Lifesci Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Needham & Company LLC set a $28.00 target price on shares of Mind Medicine (MindMed) and gave the company a “buy” rating in a report on Monday, October 13th. Finally, Jones Trading began coverage on Mind Medicine (MindMed) in a research note on Tuesday, December 23rd. They set a “buy” rating and a $61.00 price target on the stock. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Mind Medicine (MindMed) has an average rating of “Buy” and an average price target of $30.33.

Mind Medicine (MindMed) Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.30 and a current ratio of 3.30. The company has a 50-day moving average of $12.32 and a 200-day moving average of $10.43. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -6.57 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). As a group, equities research analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP grew its stake in shares of Mind Medicine (MindMed) by 31.9% during the 2nd quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock valued at $22,204,000 after buying an additional 828,067 shares during the period. Commodore Capital LP boosted its holdings in Mind Medicine (MindMed) by 10.5% in the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company’s stock worth $32,450,000 after acquiring an additional 475,000 shares during the period. Orbimed Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at $4,337,000. Rosalind Advisors Inc. increased its position in shares of Mind Medicine (MindMed) by 78.6% during the third quarter. Rosalind Advisors Inc. now owns 750,000 shares of the company’s stock worth $8,842,000 after acquiring an additional 330,000 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $1,556,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.