Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 6.4% Higher – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price traded up 6.4% during mid-day trading on Friday . The stock traded as high as $7.11 and last traded at $6.93. 866,099 shares were traded during mid-day trading, a decline of 36% from the average session volume of 1,358,263 shares. The stock had previously closed at $6.51.

Wall Street Analysts Forecast Growth

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

Mind Medicine (MindMed) Price Performance

The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a 50 day simple moving average of $7.40 and a 200-day simple moving average of $6.94. The stock has a market cap of $525.06 million, a price-to-earnings ratio of -3.17 and a beta of 2.60.

Insider Activity

In related news, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This represents a 1.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,106 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 transaction of $141,957.58. Following the sale, the chief executive officer now 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. In the last ninety days, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in Mind Medicine (MindMed) in the third quarter worth $58,000. Bridgewealth Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter worth about $72,000. Wealth Alliance bought a new stake in Mind Medicine (MindMed) in the 2nd quarter valued at about $79,000. Sanctuary Advisors LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter valued at about $91,000. Finally, Stoneridge Investment Partners LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $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.