Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Short Interest Update

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the target of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 9,240,000 shares, a growth of 25.2% from the June 30th total of 7,380,000 shares. Approximately 34.0% of the shares of the company are short sold. Based on an average trading volume of 1,390,000 shares, the days-to-cover ratio is presently 6.6 days.

Mind Medicine (MindMed) Trading Down 0.3 %

Shares of MNMD stock opened at $9.40 on Friday. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The business’s fifty day moving average is $7.84 and its 200 day moving average is $7.45. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.06. Equities research analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the sale, the insider now directly owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $49,998.50. Following the sale, the insider now owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 15,659 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the transaction, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently bought and sold shares of the stock. SageView Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth $25,000. Bailard Inc. bought a new stake in Mind Medicine (MindMed) in the fourth quarter worth $63,000. Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in Mind Medicine (MindMed) in the 4th quarter worth approximately $73,000. Jump Financial LLC lifted its stake in Mind Medicine (MindMed) by 8.3% in the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after acquiring an additional 2,826 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth about $168,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price objective (down from $29.00) on shares of Mind Medicine (MindMed) in a report on Monday, May 13th. Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Roth Mkm initiated coverage on Mind Medicine (MindMed) in a research report on Wednesday. They set a “buy” rating and a $36.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Nine research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and an average target price of $22.00.

About Mind Medicine (MindMed)

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.