MIRA Pharmaceuticals (NASDAQ:MIRA) Shares Down 4% – Here’s Why

Shares of MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) were down 4% during trading on Tuesday . The company traded as low as $1.44 and last traded at $1.45. Approximately 1,475,059 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 8,579,318 shares. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

MIRA has been the topic of several recent analyst reports. Wall Street Zen raised shares of MIRA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of MIRA Pharmaceuticals in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

MIRA Pharmaceuticals Trading Down 4.0%

The business’s 50-day simple moving average is $1.39 and its 200 day simple moving average is $1.31. The company has a market capitalization of $27.65 million, a P/E ratio of -2.96 and a beta of 1.69.

MIRA Pharmaceuticals (NASDAQ:MIRA) last announced its earnings results on Thursday, August 14th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. As a group, sell-side analysts predict that MIRA Pharmaceuticals, Inc. will post -0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. First American Bank raised its position in shares of MIRA Pharmaceuticals by 150.0% during the third quarter. First American Bank now owns 50,000 shares of the company’s stock worth $68,000 after purchasing an additional 30,000 shares during the period. XTX Topco Ltd acquired a new position in shares of MIRA Pharmaceuticals in the 2nd quarter valued at $26,000. Creative Planning purchased a new position in MIRA Pharmaceuticals in the 2nd quarter worth about $27,000. Finally, International Assets Investment Management LLC purchased a new stake in MIRA Pharmaceuticals during the second quarter valued at about $42,000. Institutional investors and hedge funds own 35.16% of the company’s stock.

About MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc operates as a pre-clinical-stage pharmaceutical development company with two neuroscience programs targeting a range of neurologic and neuropsychiatric disorders. The company holds exclusive U.S., Canadian, and Mexican rights for Ketamir-2, a patent pending oral ketamine analog under investigation to deliver ultra-rapid antidepressant effects for individuals battling treatment-resistant depression, major depressive disorder with suicidal ideation, and post-traumatic stress disorder.