Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares rose 11.7% during trading on Monday . The stock traded as high as $9.30 and last traded at $9.92. Approximately 95,276 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,327,082 shares. The stock had previously closed at $8.88.
Analyst Ratings Changes
Several analysts have recently commented on MNMD shares. Chardan Capital restated a "buy" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, May 9th. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Eight investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, Mind Medicine (MindMed) currently has an average rating of "Buy" and an average target price of $25.50.
Check Out Our Latest Research Report on Mind Medicine (MindMed)
Mind Medicine (MindMed) Trading Down 1.9%
The business's 50 day simple moving average is $7.57 and its 200-day simple moving average is $7.02. The company has a quick ratio of 7.27, a current ratio of 7.27 and a debt-to-equity ratio of 0.10.
Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.01. As a group, equities analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.
Insider Activity
In other 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 completion of the transaction, the insider owned 305,130 shares of the company's stock, valued at $2,074,884. The trade was a 3.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel Karlin sold 7,848 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $53,366.40. Following the sale, the insider directly owned 438,329 shares in the company, valued at $2,980,637.20. The trade was a 1.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,830 shares of company stock valued at $311,644 in the last ninety days. 2.45% of the stock is owned by insiders.
Institutional Investors Weigh In On Mind Medicine (MindMed)
A number of hedge funds have recently modified their holdings of the business. AWM Investment Company Inc. raised its holdings in Mind Medicine (MindMed) by 39.9% during the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock worth $8,304,000 after buying an additional 340,162 shares during the period. Nuveen LLC bought a new position in Mind Medicine (MindMed) during the 1st quarter worth about $1,556,000. Marshall Wace LLP raised its stake in shares of Mind Medicine (MindMed) by 9.3% in the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after purchasing an additional 213,526 shares during the period. Tang Capital Management LLC bought a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at about $1,392,000. Finally, Allostery Investments LP acquired a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth about $905,000. Institutional investors and hedge funds own 27.91% of the company's stock.
Mind Medicine (MindMed) Company Profile
(
Get Free Report)
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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