Mind Medicine (MindMed) Sees Unusually High Options Volume (NASDAQ:MNMD)

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the recipient of some unusual options trading activity on Friday. Stock traders purchased 4,593 call options on the company. This represents an increase of 180% compared to the average daily volume of 1,638 call options.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD traded up $0.02 during trading on Friday, reaching $8.41. 3,449,710 shares of the company’s stock traded hands, compared to its average volume of 1,438,741. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 5.92. The company has a 50 day moving average of $6.29 and a 200-day moving average of $7.24. Mind Medicine has a 12 month low of $2.42 and a 12 month high of $12.22. The stock has a market capitalization of $606.70 million, a P/E ratio of -3.98 and a beta of 2.48.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, equities analysts expect that Mind Medicine will post -1.25 EPS for the current year.

Insider Activity at Mind Medicine (MindMed)

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

Institutional Trading of Mind Medicine (MindMed)

A number of large investors have recently modified their holdings of the company. Blackstone Inc. bought a new stake in shares of Mind Medicine (MindMed) during the 1st quarter worth about $11,749,000. Janus Henderson Group PLC acquired a new stake in Mind Medicine (MindMed) in the first quarter worth approximately $8,964,000. AWM Investment Company Inc. bought a new position in Mind Medicine (MindMed) during the 1st quarter valued at $7,830,000. Bank of New York Mellon Corp increased its position in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares during the period. Finally, Tidal Investments LLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth $1,698,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Analyst Ratings Changes

MNMD has been the topic of several recent research reports. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Leerink Partners started coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, Canaccord Genuity Group lowered their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Nine analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $25.38.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.