Mind Medicine (MindMed) (NASDAQ:MNMD) Hits New 12-Month High at $11.85

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares hit a new 52-week high on Wednesday . The company traded as high as $11.85 and last traded at $11.69, with a volume of 1658912 shares changing hands. The stock had previously closed at $9.85.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group assumed coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, December 5th. They issued a "buy" rating and a $9.00 price objective on the stock. Royal Bank of Canada raised their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Thursday, February 29th. Finally, HC Wainwright restated a "buy" rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Mind Medicine (MindMed) presently has an average rating of "Buy" and a consensus price target of $24.83.

Mind Medicine (MindMed) Trading Up 19.3 %

The stock has a market capitalization of $825.65 million, a PE ratio of -4.80 and a beta of 2.81. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The business's 50-day moving average is $6.63 and its two-hundred day moving average is $4.43.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.11). On average, analysts anticipate that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,578 shares of the company's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now directly owns 358,452 shares of the company's stock, valued at $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Robert Barrow sold 16,519 shares of the company's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the sale, the chief executive officer now directly owns 580,202 shares of the company's stock, valued at $5,511,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Karlin sold 6,578 shares of the business's stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now owns 358,452 shares in the company, valued at $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MNMD. Royal Bank of Canada increased its stake in shares of Mind Medicine (MindMed) by 60.7% during the second quarter. Royal Bank of Canada now owns 7,474 shares of the company's stock worth $27,000 after acquiring an additional 2,824 shares during the period. Qube Research & Technologies Ltd acquired a new position in shares of Mind Medicine (MindMed) during the third quarter worth about $28,000. Virtu Financial LLC acquired a new position in shares of Mind Medicine (MindMed) during the first quarter worth about $29,000. Regal Investment Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) during the third quarter worth about $46,000. Finally, Commonwealth Equity Services LLC acquired a new position in shares of Mind Medicine (MindMed) during the third quarter worth about $53,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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 for the treatment of core symptoms of autism spectrum disorder.