Mind Medicine (MindMed) (NASDAQ:MNMD) Reaches New 1-Year High - Here's Why

Key Points

• Mind Medicine (MindMed) Inc. reached a new 52-week high at $11.02, closing at $10.66, with over 1 million shares traded.
• Analysts have given the stock a consensus rating of Buy, with price targets as high as $25.00, suggesting significant upside potential.
• The company reported earnings of ($0.50) per share, missing analyst expectations, with projections of a loss of $1.35 for the current fiscal year.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $11.02 and last traded at $10.66, with a volume of 1054097 shares changing hands. The stock had previously closed at $10.19.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MNMD. Oppenheimer began coverage on Mind Medicine (MindMed) in a report on Monday, August 4th. They issued an "outperform" rating and a $25.00 price objective for the company. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Finally, Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Two analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $24.71.

Mind Medicine (MindMed) Price Performance

The firm has a market cap of $756.33 million, a P/E ratio of -6.53 and a beta of 2.49. 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 business has a 50-day moving average of $8.52 and a two-hundred day moving average of $7.36.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings data 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 anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Daniel Karlin sold 7,848 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $53,366.40. Following the sale, the insider owned 438,329 shares in the company, valued at $2,980,637.20. The trade was a 1.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 in the company, valued at $5,644,442. This trade represents a 3.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,830 shares of company stock worth $311,644 in the last 90 days. Insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its position in shares of Mind Medicine (MindMed) by 56.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company's stock valued at $55,000 after buying an additional 3,020 shares during the last quarter. Bank of America Corp DE grew its position in shares of Mind Medicine (MindMed) by 35.1% in the 2nd quarter. Bank of America Corp DE now owns 119,214 shares of the company's stock valued at $774,000 after buying an additional 30,992 shares during the last quarter. AWM Investment Company Inc. grew its position in shares of Mind Medicine (MindMed) by 0.6% in the 2nd quarter. AWM Investment Company Inc. now owns 1,215,662 shares of the company's stock valued at $7,890,000 after buying an additional 7,500 shares during the last quarter. Commodore Capital LP grew its position in shares of Mind Medicine (MindMed) by 10.5% in the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company's stock valued at $32,450,000 after buying an additional 475,000 shares during the last quarter. Finally, Diadema Partners LP bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at about $1,029,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.

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