Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 20.2%

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shot up 20.2% during trading on Wednesday . The company traded as high as $12.15 and last traded at $11.84. 2,394,555 shares were traded during mid-day trading, an increase of 23% from the average session volume of 1,947,652 shares. The stock had previously closed at $9.85.

Analyst Ratings Changes

A number of brokerages have commented on MNMD. HC Wainwright reiterated a "buy" rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Royal Bank of Canada raised their target price on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Thursday, February 29th. Finally, Canaccord Genuity Group started coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 5th. They set a "buy" rating and a $9.00 target price for the company. Six 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 target price of $24.83.

Mind Medicine (MindMed) Stock Up 19.3 %

The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The firm's 50 day simple moving average is $6.46 and its two-hundred day simple moving average is $4.38. The firm has a market cap of $825.65 million, a price-to-earnings ratio of -4.80 and a beta of 2.81.

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

Insider Activity

In other 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 value of $156,930.50. Following the completion of the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) 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 sale, the insider now directly owns 358,452 shares of the company's stock, valued at approximately $3,405,294. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) 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 sale, the chief executive officer now directly owns 580,202 shares in the company, valued at $5,511,919. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its holdings in shares of Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company's stock valued at $27,000 after purchasing an additional 2,824 shares during the last quarter. Jump Financial LLC grew its holdings in Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company's stock worth $135,000 after acquiring an additional 2,826 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Mind Medicine (MindMed) by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 191,874 shares of the company's stock worth $702,000 after acquiring an additional 3,338 shares during the last quarter. Northern Trust Corp grew its holdings in Mind Medicine (MindMed) by 6.2% during the 2nd quarter. Northern Trust Corp now owns 62,032 shares of the company's stock worth $221,000 after acquiring an additional 3,641 shares during the last quarter. Finally, FMR LLC grew its holdings in Mind Medicine (MindMed) by 40.0% during the 3rd quarter. FMR LLC now owns 17,256 shares of the company's stock worth $54,000 after acquiring an additional 4,928 shares during the last quarter. 27.91% of the stock is 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 for the treatment of core symptoms of autism spectrum disorder.