Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 6.8%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price rose 6.8% during mid-day trading on Tuesday . The company traded as high as $9.35 and last traded at $9.27. Approximately 577,000 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 1,919,400 shares. The stock had previously closed at $8.68.

Wall Street Analysts Forecast Growth

MNMD has been the topic of a number of recent research reports. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Royal Bank of Canada upped their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Leerink Partnrs reissued an “outperform” rating on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. Finally, SVB Leerink started coverage on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. They set an “outperform” rating and a $20.00 price target on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus target price of $25.20.

Mind Medicine (MindMed) Stock Up 4.3 %

The firm has a 50 day moving average of $8.15 and a two-hundred day moving average of $5.03. The stock has a market capitalization of $635.94 million, a PE ratio of -3.82 and a beta of 2.80. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Equities research analysts anticipate that Mind Medicine will post -1.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at $5,511,919. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Dan Karlin sold 6,578 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now directly owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at $5,511,919. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently bought and sold shares of MNMD. Scotia Capital Inc. purchased a new stake in Mind Medicine (MindMed) in the 4th quarter worth approximately $441,000. Citigroup Inc. purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter worth approximately $273,000. Jump Financial LLC purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter worth approximately $106,000. AdvisorShares Investments LLC grew its stake in Mind Medicine (MindMed) by 28.5% in the 3rd quarter. AdvisorShares Investments LLC now owns 117,411 shares of the company’s stock worth $367,000 after acquiring an additional 26,047 shares during the period. Finally, Rathbones Group PLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $78,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

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 for the treatment of core symptoms of autism spectrum disorder.