Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 5.6% – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price shot up 5.6% during trading on Tuesday . The stock traded as high as $14.46 and last traded at $14.6550. 486,139 shares were traded during mid-day trading, a decline of 77% from the average session volume of 2,137,897 shares. The stock had previously closed at $13.88.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MNMD. Canaccord Genuity Group upped their target price on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Jones Trading started coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 23rd. They issued a “buy” rating and a $61.00 price target for the company. Royal Bank Of Canada cut their price target on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Finally, Lifesci Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus target price of $30.33.

Mind Medicine (MindMed) Stock Up 7.2%

The stock’s fifty day simple moving average is $12.50 and its two-hundred day simple moving average is $10.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.30 and a quick ratio of 3.30. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -7.31 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). On average, sell-side analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Mark Sullivan sold 11,276 shares of the stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $13.15, for a total value of $148,279.40. Following the sale, the insider owned 282,576 shares of the company’s stock, valued at $3,715,874.40. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Karlin sold 5,600 shares of the business’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $13.15, for a total transaction of $73,640.00. Following the transaction, the insider directly owned 425,025 shares of the company’s stock, valued at $5,589,078.75. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 42,667 shares of company stock worth $561,071 in the last three months. 2.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in MNMD. BIT Capital GmbH bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth approximately $26,000. Fifth Third Bancorp grew its stake in shares of Mind Medicine (MindMed) by 5,593.2% in the third quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after purchasing an additional 3,300 shares in the last quarter. Sound Income Strategies LLC acquired a new position in shares of Mind Medicine (MindMed) during the third quarter valued at $46,000. Russell Investments Group Ltd. raised its stake in shares of Mind Medicine (MindMed) by 110.4% during the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after purchasing an additional 2,003 shares in the last quarter. Finally, CWM LLC lifted its holdings in Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after purchasing an additional 1,796 shares during the period. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.