Mind Medicine (MindMed) (NASDAQ:MNMD) Sets New 1-Year High - Time to Buy?

Key Points

• Mind Medicine (MindMed) shares reached a new 52-week high of $14.40 during trading, closing at $13.68 with a market capitalization of $998.30 million.
• Several analysts have given the stock a positive outlook, with ratings ranging from "buy" to "strong buy" and a consensus price target of $27.83.
• Insiders have been selling shares recently, with a combined total of 44,779 shares sold over the last 90 days, indicating potential changes in insider sentiment.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $14.40 and last traded at $13.68, with a volume of 57864 shares trading hands. The stock had previously closed at $13.65.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MNMD shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an "outperform" rating and a $25.00 price objective for the company. Needham & Company LLC set a $28.00 price objective on shares of Mind Medicine (MindMed) and gave the stock a "buy" rating in a research note on Monday, October 13th. Lifesci Capital raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, October 14th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $27.83.

Mind Medicine (MindMed) Stock Performance

The firm has a market capitalization of $998.30 million, a P/E ratio of -8.55 and a beta of 2.55. The stock has a 50-day moving average of $10.44 and a 200 day moving average of $8.36. 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 posted its quarterly earnings data 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). On average, research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity

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 value of $75,268.08. Following the transaction, the insider owned 430,625 shares of the company's stock, valued at $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 is available through this hyperlink. Also, insider Mark Sullivan sold 11,278 shares of the stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $110,186.06. Following the completion of the transaction, the insider directly owned 293,852 shares in the company, valued at approximately $2,870,934.04. This trade represents a 3.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,779 shares of company stock valued at $437,491 in the last 90 days. 2.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its holdings in shares of Mind Medicine (MindMed) by 110.4% during the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company's stock worth $25,000 after acquiring an additional 2,003 shares during the period. CWM LLC raised its position in shares of Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company's stock valued at $29,000 after buying an additional 1,796 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $46,000. BNP Paribas Financial Markets raised its position in shares of Mind Medicine (MindMed) by 56.0% in the second 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 in the last quarter. Finally, Black Swift Group LLC acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at approximately $63,000. Institutional investors own 27.91% of the company's stock.

About Mind Medicine (MindMed)

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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