Mind Medicine (MindMed) (NASDAQ:MNMD) Hits New 12-Month High - Should You Buy?

Key Points

• Mind Medicine (MindMed) Inc. reached a new 52-week high of $11.30 and last traded at $11.47, reflecting a significant increase in trading volume of 486,380 shares.
• Analysts have a positive outlook for the stock, with a consensus rating of Buy and price targets ranging from $20.00 to $26.50.
• Despite a recent earnings miss, the company has been attractive to institutional investors, who now hold 27.91% of its shares, indicating increased interest in the stock.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $11.30 and last traded at $11.47, with a volume of 486380 shares traded. The stock had previously closed at $10.67.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MNMD shares. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a report on Monday, August 4th. They issued an "outperform" rating and a $25.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $26.50.

Mind Medicine (MindMed) Stock Up 8.6%

The company has a market capitalization of $881.96 million, a price-to-earnings ratio of -7.57 and a beta of 2.49. The stock's fifty day simple moving average is $9.59 and its two-hundred day simple moving average is $7.73. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12). On average, sell-side analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Mark Sullivan sold 11,278 shares of the stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $110,186.06. Following the sale, the insider owned 293,852 shares of the company's stock, valued at $2,870,934.04. This trade represents a 3.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Karlin sold 7,704 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $75,268.08. Following the completion of the sale, the insider directly owned 430,625 shares in the company, valued at approximately $4,207,206.25. This trade represents a 1.76% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,779 shares of company stock valued at $437,491. Company insiders own 2.26% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

A number of large investors have recently modified their holdings of MNMD. Ameriprise Financial Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth about $88,000. BNP Paribas Financial Markets acquired a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $74,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Mind Medicine (MindMed) by 15.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,690 shares of the company's stock valued at $318,000 after buying an additional 6,182 shares during the period. Millennium Management LLC increased its stake in Mind Medicine (MindMed) by 134.5% during the 4th quarter. Millennium Management LLC now owns 185,721 shares of the company's stock valued at $1,293,000 after buying an additional 106,511 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in Mind Medicine (MindMed) by 3.2% during the 4th quarter. Nuveen Asset Management LLC now owns 286,334 shares of the company's stock valued at $1,993,000 after buying an additional 8,856 shares during the period. Institutional investors and hedge funds 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.

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