Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Short Interest Up 23.2% in March

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 7,230,000 shares, a growth of 23.2% from the March 15th total of 5,870,000 shares. Based on an average daily volume of 2,080,000 shares, the short-interest ratio is currently 3.5 days. Approximately 26.8% of the company's shares are short sold.

Mind Medicine (MindMed) Trading Up 1.1 %

Shares of MNMD traded up $0.11 during trading hours on Monday, reaching $9.78. The stock had a trading volume of 1,161,754 shares, compared to its average volume of 1,992,271. The company has a market cap of $687.24 million, a P/E ratio of -3.99 and a beta of 2.80. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22. 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 firm has a 50-day moving average of $7.67 and a 200 day moving average of $4.81.

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 (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, sell-side analysts expect that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the transaction, the insider now directly owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert Barrow sold 16,519 shares of the business's stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Dan Karlin sold 6,578 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of 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 currently owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

A number of large investors have recently bought and sold shares of MNMD. Royal Bank of Canada increased its position 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 in the last quarter. Qube Research & Technologies Ltd bought a new position in Mind Medicine (MindMed) during the 3rd quarter worth about $28,000. Virtu Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at about $29,000. Regal Investment Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at 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 owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MNMD shares. SVB Leerink started coverage on Mind Medicine (MindMed) in a research note on Monday. They issued an "outperform" rating and a $20.00 price target on the stock. HC Wainwright reissued a "buy" rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Finally, Royal Bank of Canada boosted their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an "outperform" rating in a research report on Thursday, February 29th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of "Buy" and an average target price of $25.20.

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.

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