Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Still a Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $7.69, but opened at $8.00. Mind Medicine (MindMed) shares last traded at $8.76, with a volume of 556,521 shares.

Analyst Ratings Changes

A number of analysts have weighed in on MNMD shares. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Oppenheimer reiterated an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price objective for the company. Nine research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Trading Down 12.8 %

The firm has a market cap of $518.46 million, a PE ratio of -3.13 and a beta of 2.60. 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 stock’s fifty day simple moving average is $7.40 and its 200-day simple moving average is $6.96.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the sale, the insider now directly owns 338,013 shares in the company, valued at $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC purchased a new position in Mind Medicine (MindMed) during the third quarter valued at approximately $58,000. Bridgewealth Advisory Group LLC acquired a new position in shares of Mind Medicine (MindMed) in the 2nd quarter valued at $72,000. Wealth Alliance purchased a new stake in Mind Medicine (MindMed) during the second quarter worth $79,000. Sanctuary Advisors LLC purchased a new position in Mind Medicine (MindMed) in the third quarter valued at $91,000. Finally, SG Americas Securities LLC acquired a new position in shares of Mind Medicine (MindMed) in the third quarter worth about $93,000. Hedge funds and other institutional investors 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.