Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares gapped up before the market opened on Friday . The stock had previously closed at $8.65, but opened at $9.18. Mind Medicine (MindMed) shares last traded at $10.00, with a volume of 2,300,502 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MNMD shares. Evercore ISI started coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price for the company. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Ten equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus target price of $26.33.

Mind Medicine (MindMed) Stock Up 13.1 %

The stock has a market capitalization of $717.46 million, a PE ratio of -4.37 and a beta of 2.59. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average is $7.36 and its 200 day moving average is $6.91.

Insider Activity

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors have recently modified their holdings of the company. Barclays PLC grew its stake in shares of Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after buying an additional 91,271 shares in the last quarter. Wellington Management Group LLP grew its stake in Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after purchasing an additional 109,152 shares in the last quarter. Geode Capital Management LLC grew its stake in Mind Medicine (MindMed) by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after purchasing an additional 162,933 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Mind Medicine (MindMed) by 48.8% during the 4th quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock worth $170,000 after acquiring an additional 8,004 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after acquiring an additional 9,782 shares in the last quarter. 27.91% of the stock is owned by institutional investors and hedge funds.

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.