Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Down – Here’s Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped down before the market opened on Thursday . The stock had previously closed at $7.32, but opened at $7.15. Mind Medicine (MindMed) shares last traded at $7.10, with a volume of 78,641 shares trading hands.

Analysts Set New Price Targets

MNMD has been the subject of several recent analyst reports. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Canaccord Genuity Group decreased their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target on the stock. Leerink Partners started coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine research 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, Mind Medicine (MindMed) currently has an average rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Price Performance

The company has a market cap of $546.32 million, a P/E ratio of -3.30 and a beta of 2.58. The stock has a 50-day simple moving average of $7.22 and a 200 day simple moving average of $6.98. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently bought and sold shares of MNMD. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $58,000. Bridgewealth Advisory Group LLC acquired a new position in Mind Medicine (MindMed) in the second quarter worth about $72,000. Wealth Alliance bought a new position in Mind Medicine (MindMed) during the second quarter worth about $79,000. Sanctuary Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the third quarter valued at approximately $91,000. Finally, SG Americas Securities LLC bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $93,000. 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.