Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up to $6.85

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $6.85, but opened at $7.20. Mind Medicine (MindMed) shares last traded at $6.96, with a volume of 658,464 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $35.00 target price on shares of Mind Medicine (MindMed) in a research report on Wednesday, July 31st. Robert W. Baird started coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, May 28th. They set an “outperform” rating and a $27.00 price target on the stock. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target (down previously from $29.00) on shares of Mind Medicine (MindMed) in a report on Monday, May 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $22.00.

Mind Medicine (MindMed) Trading Down 3.5 %

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 firm’s 50-day moving average price is $7.66 and its 200 day moving average price is $7.80. The company has a market capitalization of $461.42 million, a P/E ratio of -2.18 and a beta of 2.58.

Insider Buying and Selling

In other news, 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 completion of the transaction, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Mind Medicine (MindMed) news, 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 value of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at approximately $4,076,000.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,925 shares of the stock in a transaction that occurred 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 owns 351,527 shares in the company, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently made changes to their positions in the stock. SageView Advisory Group LLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter worth $25,000. Bailard Inc. bought a new stake in Mind Medicine (MindMed) in the 4th quarter worth $63,000. Bridgewealth Advisory Group LLC bought a new stake in Mind Medicine (MindMed) in the 2nd quarter worth $72,000. Mitchell Mcleod Pugh & Williams Inc. bought a new stake in Mind Medicine (MindMed) in the 4th quarter worth $73,000. Finally, Wealth Alliance bought a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter valued at about $79,000. Hedge funds and other 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.