Clearmind Medicine Inc. (NASDAQ:CMND) Sees Significant Drop in Short Interest

Clearmind Medicine Inc. (NASDAQ:CMND) was the target of a significant drop in short interest in May. As of May 15th, there was short interest totaling 205,330 shares, a drop of 53.0% from the April 30th total of 437,078 shares. Currently, 20.1% of the shares of the stock are sold short. Based on an average daily volume of 494,011 shares, the short-interest ratio is presently 0.4 days.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Clearmind Medicine to a “sell” rating in a report on Saturday, May 23rd.

Institutional Investors Weigh In On Clearmind Medicine

A hedge fund recently raised its stake in Clearmind Medicine stock. AdvisorShares Investments LLC increased its position in shares of Clearmind Medicine Inc. (NASDAQ:CMND) by 9.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 224,378 shares of the company’s stock after purchasing an additional 18,445 shares during the period. AdvisorShares Investments LLC owned 4.10% of Clearmind Medicine worth $230,000 at the end of the most recent quarter. 96.05% of the stock is currently owned by hedge funds and other institutional investors.

Clearmind Medicine Stock Performance

Shares of NASDAQ CMND traded down $0.41 during mid-day trading on Monday, reaching $3.17. The company’s stock had a trading volume of 1,058,259 shares, compared to its average volume of 826,476. The stock has a 50-day moving average of $7.17 and a two-hundred day moving average of $23.79. The stock has a market capitalization of $3.23 million, a P/E ratio of -0.02 and a beta of 0.65. Clearmind Medicine has a 1-year low of $2.10 and a 1-year high of $524.00.

Clearmind Medicine (NASDAQ:CMND) last issued its earnings results on Thursday, March 12th. The company reported ($33.20) EPS for the quarter.

About Clearmind Medicine

Clearmind Medicine, Inc is a clinical-stage biotechnology company focused on the discovery and development of novel psychoplastogen-based therapeutics for neuropsychiatric and neurodegenerative disorders. The company leverages a proprietary chemistry platform to design small-molecule compounds that promote rapid and sustained neural plasticity without the hallucinogenic effects typically associated with psychedelic agents. By targeting fundamental mechanisms of synaptic growth and repair, Clearmind aims to address conditions ranging from mood and anxiety disorders to cognitive impairment in dementia.

Clearmind’s pipeline includes multiple preclinical and early clinical candidates.