Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 4.4% - What's Next?

Key Points

• Mind Medicine (MindMed) shares rose 4.4% during trading, reaching a last traded price of $12.44, although the trading volume decreased by 27% compared to its average.
• Several analysts have issued ratings on MNMD, with Oppenheimer's "outperform" rating and a $25.00 price objective, alongside a "sell (d-)" rating from Weiss Ratings, showcasing a range of market sentiments.
• Insider activity has included significant stock sales, with two insiders selling shares at around $9.77, indicating potential shifts in insider confidence or strategy.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price was up 4.4% during trading on Friday . The company traded as high as $12.52 and last traded at $12.44. Approximately 1,103,873 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 1,519,566 shares. The stock had previously closed at $11.91.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MNMD shares. Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a report on Monday, August 4th. They issued an "outperform" rating and a $25.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Needham & Company LLC set a $28.00 target price on Mind Medicine (MindMed) and gave the company a "buy" rating in a research note on Monday. Lifesci Capital upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday. Finally, Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has a consensus rating of "Buy" and a consensus target price of $27.83.

Mind Medicine (MindMed) Trading Up 10.0%

The business's 50 day moving average is $10.36 and its two-hundred day moving average is $8.27. The company has a quick ratio of 4.98, a current ratio of 4.98 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $996.78 million, a P/E ratio of -8.56 and a beta of 2.55.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings data 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). Analysts expect that Mind Medicine will post -1.35 EPS for the current year.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Mark Sullivan sold 11,278 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $110,186.06. Following the sale, the insider directly owned 293,852 shares in the company, valued at approximately $2,870,934.04. The trade was a 3.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel Karlin sold 7,704 shares of the business's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $75,268.08. Following the completion of the sale, the insider owned 430,625 shares in the company, valued at approximately $4,207,206.25. This trade represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,779 shares of company stock worth $437,491 over the last ninety days. 2.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers raised its position in Mind Medicine (MindMed) by 7.7% in the first quarter. Rhumbline Advisers now owns 108,457 shares of the company's stock worth $634,000 after acquiring an additional 7,762 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Mind Medicine (MindMed) in the first quarter worth about $203,000. Wellington Management Group LLP raised its position in Mind Medicine (MindMed) by 16.2% in the first quarter. Wellington Management Group LLP now owns 225,928 shares of the company's stock worth $1,322,000 after acquiring an additional 31,437 shares in the last quarter. Ally Bridge Group NY LLC raised its position in Mind Medicine (MindMed) by 18.1% in the first quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company's stock worth $2,282,000 after acquiring an additional 59,868 shares in the last quarter. Finally, Capital Advisors Inc. OK bought a new stake in Mind Medicine (MindMed) in the first quarter worth about $292,000. 27.91% of the stock is currently 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.

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