Mind Medicine (MindMed) Target of Unusually High Options Trading (NASDAQ:MNMD)

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the target of some unusual options trading activity on Friday. Stock traders purchased 4,593 call options on the company. This represents an increase of approximately 180% compared to the average volume of 1,638 call options.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD traded up $0.02 during trading hours on Friday, reaching $8.41. 3,449,710 shares of the company traded hands, compared to its average volume of 1,438,741. Mind Medicine has a 1-year low of $2.42 and a 1-year high of $12.22. The stock has a market cap of $606.70 million, a P/E ratio of -3.98 and a beta of 2.48. The stock’s fifty day moving average is $6.29 and its 200 day moving average is $7.24. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.92 and a current ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). Equities research analysts anticipate that Mind Medicine will post -1.25 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SageView Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth about $25,000. Wealth Enhancement Advisory Services LLC bought a new position in Mind Medicine (MindMed) during the third quarter worth about $58,000. Bridgewealth Advisory Group LLC acquired a new stake in Mind Medicine (MindMed) during the second quarter valued at approximately $72,000. Wealth Alliance acquired a new position in shares of Mind Medicine (MindMed) in the 2nd quarter worth approximately $79,000. Finally, SG Americas Securities LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $93,000. 27.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Canaccord Genuity Group reduced their price objective 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. Leerink Partners began coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, Roth Mkm began coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price target on the stock. Nine analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $25.38.

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.