Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 4.5% Higher

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) rose 4.5% on Thursday . The company traded as high as $9.94 and last traded at $9.93. Approximately 617,016 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 1,943,475 shares. The stock had previously closed at $9.50.

Analyst Upgrades and Downgrades

MNMD has been the subject of a number of recent analyst reports. Canaccord Genuity Group initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, December 5th. They set a “buy” rating and a $9.00 price target for the company. Royal Bank of Canada increased their price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $24.83.

Mind Medicine (MindMed) Stock Performance

The company’s 50-day moving average is $5.99 and its two-hundred day moving average is $4.23. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The firm has a market cap of $388.54 million, a P/E ratio of -3.84 and a beta of 2.65.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, equities analysts predict that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at $5,511,919. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 16,519 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the transaction, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at $5,511,919. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently made changes to their positions in the business. Swiss National Bank grew its holdings in shares of Mind Medicine (MindMed) by 23.1% during the first quarter. Swiss National Bank now owns 951,100 shares of the company’s stock valued at $1,079,000 after buying an additional 178,300 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Mind Medicine (MindMed) by 12.4% in the first quarter. JPMorgan Chase & Co. now owns 151,310 shares of the company’s stock worth $168,000 after purchasing an additional 16,666 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Mind Medicine (MindMed) by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock worth $1,039,000 after purchasing an additional 16,746 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Mind Medicine (MindMed) by 77.2% in the first quarter. HighTower Advisors LLC now owns 104,975 shares of the company’s stock worth $119,000 after purchasing an additional 45,747 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in shares of Mind Medicine (MindMed) by 98.6% during the 1st quarter. Penserra Capital Management LLC now owns 480,853 shares of the company’s stock worth $442,000 after acquiring an additional 238,737 shares during the last quarter. Institutional investors own 27.91% of the company’s stock.

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 for the treatment of core symptoms of autism spectrum disorder.