Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 3.2%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price rose 3.2% during trading on Monday . The stock traded as high as $11.36 and last traded at $11.35. Approximately 428,715 shares changed hands during trading, a decline of 79% from the average daily volume of 2,005,738 shares. The stock had previously closed at $11.00.

Analysts Set New Price Targets

MNMD has been the subject of several analyst reports. Royal Bank of Canada raised 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. HC Wainwright restated a "buy" rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Mind Medicine (MindMed) has an average rating of "Buy" and an average price target of $24.83.

Mind Medicine (MindMed) Price Performance

The stock has a fifty day moving average of $7.05 and a two-hundred day moving average of $4.58. The stock has a market capitalization of $765.22 million, a price-to-earnings ratio of -4.44 and a beta of 2.81. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released 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). As a group, equities research analysts forecast that Mind Medicine will post -1.7 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In other news, 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 completion of the sale, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the firm'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 transaction, 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Dan Karlin sold 6,578 shares of the firm'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 $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 disclosure for this sale can be found here. 2.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp boosted 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. Millennium Management LLC boosted its position in shares of 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 purchasing an additional 4,638,774 shares in the last quarter. Swiss National Bank boosted its position in shares of Mind Medicine (MindMed) by 23.1% during the first quarter. Swiss National Bank now owns 951,100 shares of the company's stock worth $1,079,000 after purchasing an additional 178,300 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Mind Medicine (MindMed) by 1.8% during the first quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company's stock worth $1,039,000 after purchasing an additional 16,746 shares in the last quarter. Finally, LPL Financial LLC bought a new position in shares of Mind Medicine (MindMed) during the second quarter worth $496,000. 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.