Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 10.9% - What's Next?

Key Points

• Mind Medicine (MindMed)'s shares rose by 10.9% during trading, reaching as high as $9.36, which is an increase from the previous close of $8.44.
• Brokerages have given a positive outlook, with Cantor Fitzgerald upgrading the stock to "strong-buy" and Oppenheimer setting a price target of $25.00, indicating confidence in future growth.
• Insiders, including CEO Robert Barrow, have sold a notable number of shares recently, which raises questions about the company's future performance amidst insider selling activity.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares were up 10.9% during mid-day trading on Monday . The stock traded as high as $9.33 and last traded at $9.36. Approximately 804,137 shares traded hands during trading, a decline of 47% from the average daily volume of 1,530,512 shares. The stock had previously closed at $8.44.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Cantor Fitzgerald raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Oppenheimer initiated coverage on Mind Medicine (MindMed) in a research report on Monday. They set an "outperform" rating and a $25.00 price target for the company. 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. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus 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 moving average is $8.02 and its two-hundred day moving average is $7.19. The stock has a market cap of $744.95 million, a price-to-earnings ratio of -6.44 and a beta of 2.49.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced 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, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In other news, insider Daniel Karlin sold 7,848 shares of the business'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 $53,366.40. Following the transaction, the insider owned 438,329 shares of the company's stock, valued at approximately $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 can be accessed through this link. 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 transaction of $180,138.80. Following the completion of the sale, the chief executive officer directly owned 830,065 shares of the company's stock, valued at $5,644,442. This represents a 3.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,830 shares of company stock valued at $311,644. Corporate insiders own 2.45% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC lifted its holdings in shares of Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company's stock worth $29,000 after acquiring an additional 1,796 shares during the last quarter. Diadema Partners LP acquired a new stake in Mind Medicine (MindMed) in the 4th quarter valued at about $33,000. Black Swift Group LLC acquired a new stake in Mind Medicine (MindMed) in the first quarter valued at $63,000. CreativeOne Wealth LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth about $67,000. Finally, Virtus ETF Advisers LLC acquired a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth about $70,000. Institutional investors and hedge funds 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.