Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 7.8% Higher – Should You Buy?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) rose 7.8% on Monday . The stock traded as high as $7.82 and last traded at $7.74. Approximately 795,560 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 1,329,039 shares. The stock had previously closed at $7.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Canaccord Genuity Group cut their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price target on the stock. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Oppenheimer reissued an “outperform” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Chardan Capital started coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The business’s 50-day moving average is $7.33 and its 200-day moving average is $6.95. The company has a market capitalization of $563.92 million, a PE ratio of -3.40 and a beta of 2.60.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock worth $208,203 in the last 90 days. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Marshall Wace LLP increased its holdings in Mind Medicine (MindMed) by 8.1% in the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after buying an additional 161,659 shares in the last quarter. State Street Corp boosted its holdings in shares of Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after acquiring an additional 9,782 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Mind Medicine (MindMed) by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock valued at $3,428,000 after purchasing an additional 46,187 shares during the last quarter. Finally, Tri Locum Partners LP lifted its position in Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after purchasing an additional 2,459 shares during the period. 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.