Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price gapped up prior to trading on Friday . The stock had previously closed at $8.39, but opened at $9.00. Mind Medicine (MindMed) shares last traded at $8.80, with a volume of 1,054,012 shares changing hands.

Analyst Ratings Changes

A number of research firms have issued reports on MNMD. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday. Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 price target on the stock. Finally, Canaccord Genuity Group cut their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Nine investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus price target of $25.38.

Mind Medicine (MindMed) Stock Up 1.0 %

The company has a quick ratio of 5.92, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market cap of $611.03 million, a PE ratio of -3.72 and a beta of 2.48. The stock has a 50-day moving average of $6.29 and a 200-day moving average of $7.24.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). Sell-side analysts predict that Mind Medicine will post -1.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,871 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the transaction, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This represents a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,994 shares of company stock worth $173,384. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently bought and sold shares of the company. Blackstone Inc. bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $11,749,000. Janus Henderson Group PLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter worth $8,964,000. AWM Investment Company Inc. bought a new stake in Mind Medicine (MindMed) in the first quarter worth $7,830,000. Bank of New York Mellon Corp grew its stake in shares of Mind Medicine (MindMed) by 472.7% during the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after buying an additional 203,216 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Mind Medicine (MindMed) in the first quarter worth about $1,698,000. 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.