Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 5.9%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price rose 5.9% on Monday . The company traded as high as $9.04 and last traded at $9.02. Approximately 417,570 shares were traded during trading, a decline of 78% from the average daily volume of 1,868,930 shares. The stock had previously closed at $8.52.

Analyst Ratings Changes

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

Mind Medicine (MindMed) Stock Performance

The stock has a market cap of $633.84 million, a price-to-earnings ratio of -3.74 and a beta of 2.80. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The company’s 50 day simple moving average is $8.47 and its 200 day simple moving average is $5.18.

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

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Dan Karlin sold 6,578 shares of the firm’s stock in a transaction dated 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 owns 358,452 shares in the company, valued at approximately $3,405,294. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the transaction, the chief executive officer now 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 owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Regal Investment Advisors LLC bought a new position in Mind Medicine (MindMed) during the third quarter valued at approximately $46,000. Commonwealth Equity Services LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $53,000. Bailard Inc. bought a new position in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $63,000. Mitchell Mcleod Pugh & Williams Inc. bought a new position in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $73,000. Finally, Rathbones Group PLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $78,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Company Profile

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.