Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Free Report) were up 10.1% during mid-day trading on Thursday . The stock traded as high as $7.51 and last traded at $7.43. Approximately 349,496 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 1,385,982 shares. The stock had previously closed at $6.75.
Analysts Set New Price Targets
A number of research analysts have issued reports on MNMD shares. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Canaccord Genuity Group lowered their target price 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. HC Wainwright raised their target price on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Finally, Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $25.38.
Read Our Latest Research Report on MNMD
Mind Medicine (MindMed) Trading Up 14.1 %
Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). Research analysts anticipate that Mind Medicine will post -1.27 EPS for the current year.
Insider Activity at Mind Medicine (MindMed)
In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 of the company’s stock, valued at $3,263,716.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the sale, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,994 shares of company stock worth $173,384. Insiders own 2.26% of the company’s stock.
Hedge Funds Weigh In On Mind Medicine (MindMed)
Several institutional investors and hedge funds have recently modified their holdings of MNMD. SageView Advisory Group LLC acquired a new position in Mind Medicine (MindMed) in the first quarter valued at about $25,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $58,000. Bridgewealth Advisory Group LLC bought a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $72,000. Wealth Alliance bought a new position in Mind Medicine (MindMed) in the second quarter valued at approximately $79,000. Finally, SG Americas Securities LLC acquired a new position in Mind Medicine (MindMed) during the third quarter valued at approximately $93,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.
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