Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Short Interest Update

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the target of a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 15,054,621 shares, an increase of 19.4% from the December 15th total of 12,612,667 shares. Based on an average daily volume of 2,274,676 shares, the days-to-cover ratio is presently 6.6 days. Currently, 15.6% of the shares of the stock are sold short. Currently, 15.6% of the shares of the stock are sold short. Based on an average daily volume of 2,274,676 shares, the days-to-cover ratio is presently 6.6 days.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ MNMD traded up $0.09 during mid-day trading on Monday, reaching $14.96. 2,053,792 shares of the company were exchanged, compared to its average volume of 2,191,259. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $15.29. The company’s 50 day moving average price is $12.83 and its 200 day moving average price is $11.23. The stock has a market capitalization of $1.47 billion, a PE ratio of -7.33 and a beta of 2.57. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.31.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). Sell-side analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Royal Bank Of Canada dropped their price objective on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Jones Trading initiated coverage on Mind Medicine (MindMed) in a research report on Tuesday, December 23rd. They set a “buy” rating and a $61.00 target price for the company. Chardan Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, November 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Mind Medicine (MindMed) in a report on Monday, January 5th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $30.33.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 25,791 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $13.15, for a total value of $339,151.65. Following the completion of the transaction, the chief executive officer directly owned 778,477 shares in the company, valued at approximately $10,236,972.55. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark Sullivan sold 11,276 shares of the business’s stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $13.15, for a total transaction of $148,279.40. Following the transaction, the insider directly owned 282,576 shares of the company’s stock, valued at approximately $3,715,874.40. This represents a 3.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 42,667 shares of company stock valued at $561,071 in the last quarter. 2.45% of the stock is currently owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its stake in Mind Medicine (MindMed) by 110.4% in the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after buying an additional 2,003 shares in the last quarter. BIT Capital GmbH bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $26,000. CWM LLC lifted its holdings in shares of Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after acquiring an additional 1,796 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Mind Medicine (MindMed) by 5,593.2% in the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock valued at $40,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter valued at $46,000. Institutional investors own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

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.