Mind Medicine (MindMed) (NASDAQ:MNMD) Reaches New 12-Month High - What's Next?

Key Points

• Mind Medicine (MindMed) Inc.'s stock recently reached a new 52-week high of $12.76, with a trading volume of 64,299 shares.
• Analysts have mixed opinions on the stock, with ratings ranging from a strong buy with a $25 price target from Oppenheimer to a "sell" from Weiss Ratings, leading to an average price target of $26.50.
• Recent insider trading activities include CEO Robert Barrow selling 25,797 shares, indicating a 3.11% decrease in his ownership stake in the company.

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.76 and last traded at $12.46, with a volume of 64299 shares trading hands. The stock had previously closed at $12.56.

Wall Street Analysts Forecast Growth

MNMD has been the subject of a number of analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a report on Saturday, September 27th. 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 target on the stock. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of "Buy" and an average price target of $26.50.

Mind Medicine (MindMed) Stock Down 0.7%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98. The business has a 50 day simple moving average of $9.83 and a 200-day simple moving average of $7.93. The firm has a market capitalization of $948.84 million, a price-to-earnings ratio of -8.14 and a beta of 2.55.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.12). On average, equities analysts expect that Mind Medicine will post -1.35 EPS for the current year.

Insider Activity at Mind Medicine (MindMed)

In other news, insider Daniel Karlin sold 7,704 shares of the stock in a transaction on 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 transaction, the insider directly owned 430,625 shares in the company, valued at approximately $4,207,206.25. This represents a 1.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 25,797 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $252,036.69. Following the completion of the sale, the chief executive officer owned 804,268 shares in the company, valued at approximately $7,857,698.36. This trade represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,779 shares of company stock worth $437,491. Insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC boosted its position in shares of Mind Medicine (MindMed) by 32.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company's stock worth $94,000 after purchasing an additional 3,350 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Mind Medicine (MindMed) by 20.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,044 shares of the company's stock worth $592,000 after purchasing an additional 14,691 shares in the last quarter. Rhumbline Advisers lifted its stake in Mind Medicine (MindMed) by 7.7% during the first quarter. Rhumbline Advisers now owns 108,457 shares of the company's stock worth $634,000 after purchasing an additional 7,762 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth $88,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at $203,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.