Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 7.8% – Here’s Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares rose 7.8% during trading on Monday . The stock traded as high as $7.82 and last traded at $7.74. Approximately 795,560 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 1,329,039 shares. The stock had previously closed at $7.18.

Analyst Ratings Changes

A number of research analysts have weighed in on MNMD shares. Chardan Capital began coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, Canaccord Genuity Group cut their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Stock Performance

The firm has a market cap of $563.92 million, a PE ratio of -3.40 and a beta of 2.60. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The business has a 50 day simple moving average of $7.33 and a two-hundred day simple moving average of $6.95.

Insider Activity

In related news, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,022 shares of company stock worth $208,203. Corporate insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at about $58,000. Bridgewealth Advisory Group LLC acquired a new position in Mind Medicine (MindMed) in the 2nd quarter valued at about $72,000. Wealth Alliance acquired a new stake in Mind Medicine (MindMed) during the 2nd quarter worth approximately $79,000. Sanctuary Advisors LLC purchased a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $91,000. Finally, SG Americas Securities LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter worth approximately $93,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.