Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.65, but opened at $9.18. Mind Medicine (MindMed) shares last traded at $10.00, with a volume of 2,300,502 shares traded.

Analyst Ratings Changes

Several research firms have recently weighed in on MNMD. Oppenheimer reissued an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Chardan Capital started coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Finally, Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective on the stock. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $26.33.

Mind Medicine (MindMed) Stock Performance

The company has a market cap of $725.23 million, a PE ratio of -4.38 and a beta of 2.59. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $7.41 and its two-hundred day moving average is $6.91.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the transaction, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNMD. Marshall Wace LLP raised its holdings in shares of Mind Medicine (MindMed) by 9.3% during the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company’s stock worth $17,410,000 after acquiring an additional 213,526 shares in the last quarter. State Street Corp raised its stake in Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares in the last quarter. Geode Capital Management LLC lifted its position in Mind Medicine (MindMed) by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company’s stock valued at $11,996,000 after purchasing an additional 45,386 shares during the last quarter. Northern Trust Corp grew its stake in shares of Mind Medicine (MindMed) by 12.6% in the 4th quarter. Northern Trust Corp now owns 684,836 shares of the company’s stock worth $4,766,000 after buying an additional 76,559 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Mind Medicine (MindMed) by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after buying an additional 46,187 shares during the last quarter. 27.91% of the stock is owned by institutional investors.

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.