Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Should You Buy?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped up prior to trading on Tuesday . The stock had previously closed at $7.69, but opened at $8.00. Mind Medicine (MindMed) shares last traded at $8.76, with a volume of 556,521 shares.

Analyst Ratings Changes

Several research firms have commented on MNMD. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Chardan Capital began coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 target price for the company. Finally, Canaccord Genuity Group reduced their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report 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’s stock. According to data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus price target of $26.75.

Mind Medicine (MindMed) Price Performance

The firm has a market cap of $518.46 million, a P/E ratio of -3.13 and a beta of 2.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The stock’s 50-day simple moving average is $7.40 and its two-hundred day simple moving average is $6.96.

Insider Activity at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the transaction, the insider now owns 338,013 shares in the company, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the sale, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,022 shares of company stock worth $208,203. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently added to or reduced their stakes in MNMD. Barclays PLC boosted its holdings in shares of Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after buying an additional 203,216 shares during the period. Wellington Management Group LLP grew its position in shares of Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after acquiring an additional 162,933 shares in the last quarter. Finally, Rhumbline Advisers purchased a new stake in Mind Medicine (MindMed) in the second quarter worth about $679,000. 27.91% of the stock is currently owned by institutional investors.

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.