Mind Medicine (MindMed) (NASDAQ:MNMD) Hits New 52-Week High - Here's What Happened

Key Points

• Mind Medicine (MindMed) reached a new 52-week high of $10.49 during recent trading, closing at $10.39 with a trading volume of 734,379 shares.
• Analysts have issued a consensus "Buy" rating on the stock, with an average target price of $24.71, as several firms such as Cantor Fitzgerald and Oppenheimer have raised their price objectives.
• Insider transactions include CEO Robert Barrow selling 26,491 shares at $6.80 each, contributing to a decrease in insider ownership, while institutional investors own approximately 27.91% of the company's stock.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $10.49 and last traded at $10.39, with a volume of 734379 shares trading hands. The stock had previously closed at $10.00.

Analysts Set New Price Targets

Several research analysts have issued reports on MNMD shares. Cantor Fitzgerald raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Oppenheimer assumed coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They set an "outperform" rating and a $25.00 price objective on the stock. Finally, Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Seven equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $24.71.

Mind Medicine (MindMed) Stock Performance

The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22. The firm's 50-day simple moving average is $8.13 and its two-hundred day simple moving average is $7.23. The company has a market cap of $765.47 million, a PE ratio of -6.56 and a beta of 2.49.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.12). As a group, research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 26,491 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $180,138.80. Following the completion of the sale, the chief executive officer owned 830,065 shares of the company's stock, valued at approximately $5,644,442. This represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark Sullivan sold 11,491 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $78,138.80. Following the completion of the sale, the insider directly owned 305,130 shares of the company's stock, valued at $2,074,884. This represents a 3.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock valued at $311,644 over the last 90 days. 2.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Several hedge funds have recently made changes to their positions in MNMD. Rhumbline Advisers increased its stake in Mind Medicine (MindMed) by 6.3% in the second quarter. Rhumbline Advisers now owns 115,296 shares of the company's stock valued at $748,000 after purchasing an additional 6,839 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Mind Medicine (MindMed) by 5.1% during the second quarter. JPMorgan Chase & Co. now owns 48,487 shares of the company's stock worth $315,000 after purchasing an additional 2,342 shares during the period. Swiss National Bank lifted its holdings in shares of Mind Medicine (MindMed) by 8.0% during the second quarter. Swiss National Bank now owns 115,100 shares of the company's stock worth $747,000 after purchasing an additional 8,500 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Mind Medicine (MindMed) during the second quarter worth $95,000. Finally, Persistent Asset Partners Ltd acquired a new stake in Mind Medicine (MindMed) in the second quarter valued at $238,000. 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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