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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $7.61, but opened at $7.98. Mind Medicine (MindMed) shares last traded at $8.12, with a volume of 156,793 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MNMD shares. Canaccord Genuity Group reduced their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $25.38.

Mind Medicine (MindMed) Stock Up 1.8 %

The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The company has a market capitalization of $605.71 million, a price-to-earnings ratio of -3.64 and a beta of 2.48. The firm’s 50-day simple moving average is $6.50 and its two-hundred day simple moving average is $7.09.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. The trade was a 1.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the sale, the chief executive officer now directly owns 545,772 shares in the company, valued at approximately $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock valued at $173,384 in the last quarter. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the third quarter worth $91,000. Barclays PLC increased its position in Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. Geode Capital Management LLC raised its stake in Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after purchasing an additional 162,933 shares during the last quarter. XTX Topco Ltd purchased a new position in Mind Medicine (MindMed) in the 3rd quarter valued at about $337,000. Finally, Wellington Management Group LLP boosted its stake in shares of Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after purchasing an additional 109,152 shares during the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

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.