Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 4.1% – Should You Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) rose 4.1% during trading on Tuesday . The company traded as high as $7.12 and last traded at $7.12. Approximately 335,332 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,451,350 shares. The stock had previously closed at $6.84.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MNMD shares. Leerink Partners started coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. Canaccord Genuity Group decreased their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Nine analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $25.38.

Mind Medicine (MindMed) Stock Performance

The stock’s 50 day moving average is $6.34 and its two-hundred day moving average is $7.18. 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 firm has a market capitalization of $525.04 million, a P/E ratio of -3.21 and a beta of 2.48.

Insider Activity

In other news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 1.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 in the last 90 days. 2.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently bought and sold shares of MNMD. Geode Capital Management LLC boosted its holdings in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after buying an additional 162,933 shares during the last quarter. Barclays PLC lifted its position in Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after acquiring an additional 91,271 shares in the last quarter. XTX Topco Ltd purchased a new position in Mind Medicine (MindMed) during the 3rd quarter worth $337,000. Wellington Management Group LLP grew its holdings in shares of Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after acquiring an additional 109,152 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after buying an additional 9,782 shares during the last quarter. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.