Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Director Acquires $20,930.00 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Director David W. Gryska purchased 3,500 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average price of $5.98 per share, for a total transaction of $20,930.00. Following the transaction, the director now owns 17,351 shares in the company, valued at $103,758.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD traded up $0.10 during trading hours on Monday, hitting $6.12. The company’s stock had a trading volume of 811,352 shares, compared to its average volume of 1,594,160. The stock has a fifty day simple moving average of $7.49 and a 200-day simple moving average of $7.95. The company has a market capitalization of $439.86 million, a P/E ratio of -2.08 and a beta of 2.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.91 and a quick ratio of 3.91. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22.

Analysts Set New Price Targets

A number of analysts recently issued reports on MNMD shares. Baird R W raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, May 29th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Roth Mkm began coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price target (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research report on Monday, May 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Mind Medicine (MindMed) in a research report on Wednesday, July 31st. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $24.14.

Institutional Trading of Mind Medicine (MindMed)

Several large investors have recently bought and sold shares of MNMD. Marshall Wace LLP boosted its stake in shares of Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after purchasing an additional 161,659 shares in the last quarter. Blackstone Inc. acquired a new position in shares of Mind Medicine (MindMed) in the first quarter worth approximately $11,749,000. Janus Henderson Group PLC acquired a new position in shares of Mind Medicine (MindMed) in the first quarter worth approximately $8,964,000. AWM Investment Company Inc. acquired a new position in shares of Mind Medicine (MindMed) in the first quarter worth approximately $7,830,000. Finally, Tri Locum Partners LP lifted its stake in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after acquiring an additional 2,459 shares during the period. 27.91% of the stock is owned by institutional investors and hedge funds.

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.