Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 7% - Should You Buy?

Key Points

• Mind Medicine (MindMed) stock has seen a 7% increase in trading, closing at $10.21, with a significant rise in volume of 1,889,244 shares traded.
• Analysts have a favorable outlook, with an average rating of "Buy" and a consensus price target of $26.50, after recent upgrades from Oppenheimer and Chardan Capital.
• The company reported a quarterly EPS of ($0.50), missing expectations, and forecasts indicate an average EPS of -1.35 for the current fiscal year.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares rose 7% during trading on Tuesday . The company traded as high as $10.39 and last traded at $10.21. Approximately 1,889,244 shares traded hands during mid-day trading, an increase of 29% from the average daily volume of 1,465,735 shares. The stock had previously closed at $9.54.

Analyst Upgrades and Downgrades

MNMD has been the topic of a number of research reports. Oppenheimer initiated coverage on Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an "outperform" rating and a $25.00 price objective on the stock. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $26.50.

Mind Medicine (MindMed) Price Performance

The stock has a market capitalization of $757.08 million, a price-to-earnings ratio of -6.50 and a beta of 2.49. 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 stock has a 50-day simple moving average of $9.48 and a 200 day simple moving average of $7.63.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12). On average, equities research analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Mark Sullivan sold 11,491 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $78,138.80. Following the completion of the sale, the insider owned 305,130 shares in the company, valued at approximately $2,074,884. This represents a 3.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Karlin sold 7,848 shares of the company's stock in a transaction dated 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 owned 438,329 shares of the company's stock, valued at approximately $2,980,637.20. This trade represents a 1.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,830 shares of company stock worth $311,644 over the last 90 days. 2.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Several large investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Mind Medicine (MindMed) by 32.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company's stock worth $94,000 after purchasing an additional 3,350 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Mind Medicine (MindMed) by 52.7% during the 4th 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Mind Medicine (MindMed) by 20.9% during the 4th 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 last quarter. Rhumbline Advisers lifted its position in shares of Mind Medicine (MindMed) by 7.7% during the 1st quarter. Rhumbline Advisers now owns 108,457 shares of the company's stock worth $634,000 after purchasing an additional 7,762 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth about $88,000. 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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