Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 7.3%

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) traded up 7.3% during mid-day trading on Wednesday . The company traded as high as $10.93 and last traded at $10.78. 988,045 shares changed hands during trading, a decline of 50% from the average session volume of 1,992,814 shares. The stock had previously closed at $10.05.

Wall Street Analyst Weigh In

Several research firms have commented on MNMD. HC Wainwright reiterated a "buy" rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Royal Bank of Canada raised their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $24.83.

Mind Medicine (MindMed) Price Performance

The firm has a 50 day moving average price of $7.18 and a two-hundred day moving average price of $4.63. The company has a market cap of $765.94 million, a P/E ratio of -4.45 and a beta of 2.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22.

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

Insider Activity

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 transaction, the chief executive officer now owns 580,202 shares of the company's stock, valued at $5,511,919. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction dated Monday, March 25th. The stock was 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 is accessible through this hyperlink. Also, insider Dan Karlin sold 6,578 shares of the company's stock in a transaction that occurred on Monday, March 25th. The stock was 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 owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada lifted its position in Mind Medicine (MindMed) by 60.7% in the second 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 raised 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 valued at $135,000 after buying an additional 2,826 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position 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 valued at $702,000 after buying an additional 3,338 shares during the period. Northern Trust Corp grew its holdings in Mind Medicine (MindMed) by 6.2% in 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 lifted its holdings in Mind Medicine (MindMed) by 40.0% in the 3rd quarter. FMR LLC now owns 17,256 shares of the company's stock worth $54,000 after buying an additional 4,928 shares during the period. 27.91% of the stock is currently 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.