Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 3%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMDGet Free Report) shares were up 3% during mid-day trading on Tuesday . The company traded as high as $8.47 and last traded at $8.37. Approximately 384,529 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,760,393 shares. The stock had previously closed at $8.13.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. HC Wainwright reduced their price objective on Mind Medicine (MindMed) from $75.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Leerink Partnrs reissued an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price target (down from $29.00) on shares of Mind Medicine (MindMed) in a research note on Monday, May 13th. Royal Bank of Canada lifted their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Finally, SVB Leerink assumed coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus target price of $17.67.

Get Our Latest Stock Report on MNMD

Mind Medicine (MindMed) Trading Up 1.2 %

The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average of $9.43 and a two-hundred day moving average of $5.96.

Mind Medicine (MindMed) (NASDAQ:MNMDGet Free Report) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, research analysts forecast that Mind Medicine will post -1.36 EPS for the current year.

Insider Activity

In related news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction on Monday, March 25th. The shares were 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were 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 owns 580,202 shares of the company’s stock, valued at $5,511,919. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the transaction, the insider now owns 358,452 shares in the company, valued at $3,405,294. The disclosure for this sale can be found here. 2.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Blackstone Inc. acquired a new position in Mind Medicine (MindMed) in the first quarter worth about $11,749,000. Janus Henderson Group PLC acquired a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at $8,964,000. AWM Investment Company Inc. acquired a new stake in shares of Mind Medicine (MindMed) during the 1st quarter worth about $7,830,000. Tidal Investments LLC acquired a new position in Mind Medicine (MindMed) in the first quarter valued at about $1,698,000. Finally, Scotia Capital Inc. acquired a new stake in shares of Mind Medicine (MindMed) during the fourth quarter worth approximately $441,000. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Company Profile

(Get Free Report)

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.

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