Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 6.3% - Here's Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price rose 6.3% on Wednesday . The company traded as high as $7.28 and last traded at $7.13. Approximately 636,466 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 1,358,410 shares. The stock had previously closed at $6.71.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MNMD shares. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Robert W. Baird lowered their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Eight analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $25.50.

Mind Medicine (MindMed) Stock Performance

The stock's 50-day moving average price is $6.67 and its 200 day moving average price is $6.93. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.27 and a quick ratio of 7.27. The firm has a market cap of $540.64 million, a P/E ratio of -5.60 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.36) by $0.01. As a group, equities analysts predict that Mind Medicine will post -1.35 EPS for the current year.

Insider Activity

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the sale, the insider now owns 446,177 shares of the company's stock, valued at $3,007,232.98. This represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert Barrow sold 21,208 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $142,941.92. Following the transaction, the chief executive officer now owns 856,556 shares of the company's stock, valued at approximately $5,773,187.44. This represents a 2.42% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,391 shares of company stock worth $204,835. 2.26% of the stock is currently owned by insiders.

Institutional Trading of Mind Medicine (MindMed)

A number of large investors have recently added to or reduced their stakes in MNMD. AWM Investment Company Inc. increased its stake in Mind Medicine (MindMed) by 39.9% in the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock worth $8,304,000 after acquiring an additional 340,162 shares during the last quarter. Nuveen LLC bought a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at approximately $1,556,000. Marshall Wace LLP raised its holdings in Mind Medicine (MindMed) by 9.3% during the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after buying an additional 213,526 shares during the period. Tang Capital Management LLC bought a new stake in Mind Medicine (MindMed) in the fourth quarter worth $1,392,000. Finally, Allostery Investments LP bought a new stake in Mind Medicine (MindMed) in the fourth quarter worth $905,000. 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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