MIRA Pharmaceuticals (NASDAQ:MIRA) Stock Jumps 0.3% – Time to Buy?

MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA)’s share price shot up 0.3% during mid-day trading on Tuesday. The stock traded as high as $0.64 and last traded at $0.6209. Approximately 50,297 shares traded hands during trading, a decline of 68% from the average daily volume of 156,864 shares. The stock had previously closed at $0.6190.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on MIRA shares. Maxim Group assumed coverage on shares of MIRA Pharmaceuticals in a research report on Thursday, September 17th. They issued a “buy” rating and a $3.50 price objective for the company. Weiss Ratings upgraded shares of MIRA Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, November 2nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.50.

MIRA Pharmaceuticals Stock Up 4.2%

The stock has a market capitalization of $27.24 million, a price-to-earnings ratio of -0.52 and a beta of 1.65. The company has a 50 day moving average of $0.70 and a 200 day moving average of $0.93.

MIRA Pharmaceuticals (NASDAQ:MIRA) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in MIRA Pharmaceuticals stock. BlackRock Inc. bought a new stake in MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 244,622 shares of the company’s stock, valued at approximately $232,000. BlackRock Inc. owned 0.58% of MIRA Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 35.16% of the company’s stock.

MIRA Pharmaceuticals Company Profile

MIRA Pharmaceuticals, Inc. is a clinical-stage pharmaceutical company focused on developing novel therapies for neurological and psychiatric conditions. The company’s research programs are centered on cannabinoid- and ketamine-related compounds intended to address conditions with significant unmet medical needs. MIRA’s primary development programs include Ketamir-2, an oral ketamine analog being evaluated for potential applications in depression, anxiety, and pain, and MIRA-55, a pharmaceutical formulation of cannabidiol being studied for potential use in neurological and neuropsychiatric disorders.