Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 4.1% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares were up 4.1% during trading on Tuesday . The company traded as high as $7.12 and last traded at $7.12. Approximately 335,332 shares traded hands during trading, a decline of 77% from the average daily volume of 1,451,350 shares. The stock had previously closed at $6.84.

Analysts Set New Price Targets

Several research analysts recently weighed in on MNMD shares. Canaccord Genuity Group cut 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 research note on Monday, September 16th. Leerink Partners started coverage on shares of 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. Roth Mkm initiated coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a “buy” rating and a $36.00 price target on the stock. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $25.38.

Mind Medicine (MindMed) Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The stock’s fifty day moving average is $6.34 and its two-hundred day moving average is $7.18. The firm has a market capitalization of $525.04 million, a price-to-earnings ratio of -3.21 and a beta of 2.48.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,771 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,871 shares of the firm’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 value of $41,088.58. Following the completion of the sale, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 in the last 90 days. 2.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several large investors have recently added to or reduced their stakes in MNMD. Blackstone Inc. acquired a new position in Mind Medicine (MindMed) during the 1st quarter valued at about $11,749,000. Janus Henderson Group PLC bought a new position in Mind Medicine (MindMed) during the 1st quarter valued at $8,964,000. AWM Investment Company Inc. acquired a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at $7,830,000. Tidal Investments LLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth $1,698,000. Finally, Virtu Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at $239,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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.