Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 1.5%

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) rose 1.5% during trading on Friday . The company traded as high as $11.18 and last traded at $10.96. Approximately 412,397 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,018,507 shares. The stock had previously closed at $10.80.

Wall Street Analysts Forecast Growth

MNMD has been the subject of a number of recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Royal Bank of Canada lifted 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $24.83.

Mind Medicine (MindMed) Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The firm's 50 day moving average is $6.91 and its 200-day moving average is $4.52. The stock has a market capitalization of $772.97 million, a price-to-earnings ratio of -4.49 and a beta of 2.81.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its 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). Analysts forecast that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the company's stock in a transaction 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 directly owns 358,452 shares in the company, valued at $3,405,294. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Robert Barrow sold 16,519 shares of the company's stock in a transaction 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 owns 580,202 shares of the company's stock, valued at $5,511,919. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction 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 approximately $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MNMD. Millennium Management LLC boosted its stake in Mind Medicine (MindMed) by 1,063.1% during the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company's stock worth $3,249,000 after buying an additional 4,638,774 shares during the period. LPL Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) during the second quarter worth about $496,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Mind Medicine (MindMed) during the second quarter worth about $328,000. State Street Corp lifted its position in shares of Mind Medicine (MindMed) by 7.3% during the first quarter. State Street Corp now owns 6,145,503 shares of the company's stock worth $6,822,000 after purchasing an additional 416,765 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new stake in shares of Mind Medicine (MindMed) during the fourth quarter worth about $619,000. Hedge funds and other 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 for the treatment of core symptoms of autism spectrum disorder.