Mind Medicine (MindMed) (NASDAQ:MNMD) Reaches New 52-Week High - What's Next?

Key Points

• Mind Medicine (MindMed) shares reached a new 52-week high of $13.09, closing at $12.58 with significant trading volume of 933,286 shares.
• A consensus of analysts has issued a rating of "Moderate Buy" for the stock, which has an average price target of $27.83.
• CEO Robert Barrow sold 25,797 shares at an average price of $9.77, reducing his stake in the company by 3.11%.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $13.09 and last traded at $12.58, with a volume of 933286 shares traded. The stock had previously closed at $12.25.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Oppenheimer assumed coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an "outperform" rating and a $25.00 price objective on the stock. Chardan Capital reiterated a "buy" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Weiss Ratings restated a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Finally, Needham & Company LLC set a $28.00 price objective on shares of Mind Medicine (MindMed) and gave the stock a "buy" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.83.

Mind Medicine (MindMed) Stock Up 2.9%

The stock has a market capitalization of $959.49 million, a P/E ratio of -8.23 and a beta of 2.55. The company's 50-day moving average price is $10.21 and its 200 day moving average price is $8.17. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98.

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

Insider Buying and Selling

In related news, CEO Robert Barrow sold 25,797 shares of Mind Medicine (MindMed) 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 transaction, the chief executive officer directly owned 804,268 shares of the company's stock, valued at approximately $7,857,698.36. The trade was a 3.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Sullivan sold 11,278 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $110,186.06. Following the transaction, the insider directly owned 293,852 shares of the company's stock, valued at approximately $2,870,934.04. This represents a 3.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,779 shares of company stock valued at $437,491. Company insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several large investors have recently modified their holdings of MNMD. 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 worth $32,450,000 after buying an additional 475,000 shares during the last quarter. Marshall Wace LLP increased its stake in Mind Medicine (MindMed) by 31.9% during the 2nd quarter. Marshall Wace LLP now owns 3,421,224 shares of the company's stock valued at $22,204,000 after purchasing an additional 828,067 shares in the last quarter. Geode Capital Management LLC increased its stake in Mind Medicine (MindMed) by 4.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,733,454 shares of the company's stock valued at $11,252,000 after purchasing an additional 66,663 shares in the last quarter. AWM Investment Company Inc. increased its stake in Mind Medicine (MindMed) by 0.6% during the 2nd quarter. AWM Investment Company Inc. now owns 1,215,662 shares of the company's stock valued at $7,890,000 after purchasing an additional 7,500 shares in the last quarter. Finally, Ally Bridge Group NY LLC increased its stake in Mind Medicine (MindMed) by 18.1% during the 1st quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company's stock valued at $2,282,000 after purchasing an additional 59,868 shares in 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.

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