Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 6.8%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price rose 6.8% during trading on Tuesday . The company traded as high as $9.35 and last traded at $9.27. Approximately 577,000 shares were traded during trading, a decline of 70% from the average daily volume of 1,919,400 shares. The stock had previously closed at $8.68.

Analyst Ratings Changes

A number of research analysts have issued reports on MNMD shares. SVB Leerink assumed coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Royal Bank of Canada upped their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Price Performance

The company has a fifty day simple moving average of $8.39 and a 200 day simple moving average of $5.12. The stock has a market capitalization of $598.70 million, a price-to-earnings ratio of -3.48 and a beta of 2.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Equities research analysts forecast that Mind Medicine will post -1.72 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dan Karlin sold 6,578 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the sale, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter worth about $273,000. Commonwealth Equity Services LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $53,000. Rathbones Group PLC bought a new stake in Mind Medicine (MindMed) during the 3rd quarter worth approximately $78,000. Jump Financial LLC purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter worth approximately $106,000. Finally, Regal Investment Advisors LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter valued at $46,000. 27.91% of the stock is 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 for the treatment of core symptoms of autism spectrum disorder.