Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 5.5% – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price shot up 5.5% during trading on Monday . The company traded as high as $6.94 and last traded at $7.16. 517,608 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,376,453 shares. The stock had previously closed at $6.79.

Analyst Ratings Changes

MNMD has been the subject of several research reports. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Evercore ISI began coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target on the stock. Chardan Capital started coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price objective for the company. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Finally, HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $26.33.

Mind Medicine (MindMed) Trading Up 8.1 %

The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market cap of $538.17 million, a price-to-earnings ratio of -3.25 and a beta of 2.59. The business has a fifty day simple moving average of $7.26 and a 200 day simple moving average of $6.91.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. During the same quarter in the previous year, the company posted ($0.53) EPS. On average, equities analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Activity

In related news, 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 transaction of $141,957.58. Following the sale, the chief executive officer now owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were 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 directly owns 338,013 shares of the company’s stock, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,022 shares of company stock worth $208,203 over the last 90 days. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently modified their holdings of MNMD. Wealth Enhancement Advisory Services LLC acquired a new stake in Mind Medicine (MindMed) during the third quarter worth approximately $58,000. Sanctuary Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $91,000. Foundations Investment Advisors LLC purchased a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at $91,000. Stoneridge Investment Partners LLC acquired a new position in Mind Medicine (MindMed) in the third quarter valued at $93,000. Finally, SG Americas Securities LLC acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter worth about $93,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.