Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) rose 6.3% during trading on Wednesday . The company traded as high as $7.28 and last traded at $7.13. Approximately 636,466 shares traded hands 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
MNMD has been the subject of a number of research reports. Robert W. Baird lowered their price objective on 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. Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Chardan Capital restated a "buy" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, May 9th. Finally, HC Wainwright restated a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Eight equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of "Buy" and a consensus target price of $25.50.
View Our Latest Stock Report on Mind Medicine (MindMed)
Mind Medicine (MindMed) Price Performance
The stock has a market cap of $532.63 million, a P/E ratio of -5.47 and a beta of 2.52. The company has a current ratio of 7.27, a quick ratio of 7.27 and a debt-to-equity ratio of 0.10. The company has a 50 day simple moving average of $6.77 and a 200 day simple moving average of $6.92.
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 for the quarter, beating analysts' consensus estimates of ($0.36) by $0.01. Sell-side analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.
Insider Transactions at Mind Medicine (MindMed)
In related news, CEO Robert Barrow sold 21,208 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the sale, the chief executive officer now directly owns 856,556 shares in the company, valued at $5,773,187.44. This represents a 2.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel Karlin sold 6,836 shares of the company's stock in a transaction 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 sale, the insider now owns 446,177 shares of the company's stock, valued at approximately $3,007,232.98. This represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,391 shares of company stock valued at $204,835. 2.45% of the stock is owned by corporate insiders.
Institutional Trading of Mind Medicine (MindMed)
Several institutional investors and hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Mind Medicine (MindMed) by 32.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company's stock worth $94,000 after acquiring an additional 3,350 shares during the last quarter. Deutsche Bank AG grew its stake in Mind Medicine (MindMed) by 52.7% during the fourth quarter. Deutsche Bank AG now owns 71,595 shares of the company's stock worth $498,000 after purchasing an additional 24,716 shares during the period. Tang Capital Management LLC acquired a new stake in Mind Medicine (MindMed) during the fourth quarter worth approximately $1,392,000. Wells Fargo & Company MN grew its stake in Mind Medicine (MindMed) by 61.8% during the fourth quarter. Wells Fargo & Company MN now owns 39,974 shares of the company's stock worth $278,000 after purchasing an additional 15,269 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Mind Medicine (MindMed) by 20.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,044 shares of the company's stock worth $592,000 after purchasing an additional 14,691 shares during the period. 27.91% of the stock is currently owned by institutional investors.
About Mind Medicine (MindMed)
(
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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