Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 10.9% - Should You Buy?

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)'s share price traded up 10.9% during trading on Monday . The company traded as high as $9.33 and last traded at $9.36. 804,137 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 1,530,512 shares. The stock had previously closed at $8.44.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Chardan Capital reissued a "buy" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a research report on Monday. They set an "outperform" rating and a $25.00 target price for the company. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $24.71.

Mind Medicine (MindMed) Price 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 has a market cap of $730.95 million, a price-to-earnings ratio of -6.32 and a beta of 2.49. The company's 50-day moving average is $7.91 and its 200-day moving average is $7.15.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its earnings results 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). Equities research analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In related news, insider Mark Sullivan sold 11,491 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $78,138.80. Following the transaction, the insider owned 305,130 shares in the company, valued at $2,074,884. The trade was a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 transaction of $180,138.80. Following the transaction, the chief executive officer owned 830,065 shares in the company, valued at $5,644,442. This represents a 3.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock worth $311,644 over the last quarter. Company insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its stake in Mind Medicine (MindMed) by 9.3% in the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after acquiring an additional 213,526 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Mind Medicine (MindMed) by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock valued at $11,996,000 after buying an additional 45,386 shares in the last quarter. AWM Investment Company Inc. lifted its stake in shares of Mind Medicine (MindMed) by 1.3% during the 1st quarter. AWM Investment Company Inc. now owns 1,208,162 shares of the company's stock valued at $7,068,000 after buying an additional 15,000 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Mind Medicine (MindMed) by 0.3% during the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company's stock valued at $6,996,000 after buying an additional 2,654 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Mind Medicine (MindMed) by 12.6% during the 4th quarter. Northern Trust Corp now owns 684,836 shares of the company's stock valued at $4,766,000 after buying an additional 76,559 shares in the last quarter. 27.91% of the stock is owned by 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.