Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 11.5%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price rose 11.5% during mid-day trading on Wednesday . The stock traded as high as $9.60 and last traded at $9.51. Approximately 537,395 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,660,384 shares. The stock had previously closed at $8.53.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MNMD. Leerink Partnrs reaffirmed an “outperform” rating on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. Cantor Fitzgerald restated an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 price target on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. HC Wainwright restated a “buy” rating and issued a $35.00 price objective on shares of Mind Medicine (MindMed) in a research report on Wednesday. Finally, SVB Leerink began coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They set an “outperform” rating and a $20.00 target price for the company. Nine analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $22.00.

Mind Medicine (MindMed) Price Performance

The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.91 and a current ratio of 3.91. The firm has a fifty day simple moving average of $7.88 and a two-hundred day simple moving average of $7.56. The firm has a market cap of $665.53 million, a PE ratio of -3.15 and a beta of 2.58.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.06. Equities analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 15,659 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the sale, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares in the company, valued at $2,538,024.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the transaction, the chief executive officer now owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. Company insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors and hedge funds have recently made changes to their positions in the business. Jump Financial LLC lifted its holdings in Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after buying an additional 2,826 shares in the last quarter. Scotia Capital Inc. bought a new stake in shares of Mind Medicine (MindMed) during the fourth quarter valued at approximately $441,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at approximately $168,000. Mitchell Mcleod Pugh & Williams Inc. bought a new position in Mind Medicine (MindMed) in the fourth quarter worth approximately $73,000. Finally, Bailard Inc. purchased a new position in Mind Medicine (MindMed) during the 4th quarter worth $63,000. 27.91% of the stock is currently owned by institutional investors.

Mind Medicine (MindMed) Company Profile

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.