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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares gapped up before the market opened on Tuesday . The stock had previously closed at $7.69, but opened at $8.00. Mind Medicine (MindMed) shares last traded at $8.76, with a volume of 556,521 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MNMD shares. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Canaccord Genuity Group dropped their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Oppenheimer restated an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Chardan Capital initiated coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. Nine analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $26.75.

Mind Medicine (MindMed) Stock Up 8.5 %

The stock’s fifty day moving average price is $7.35 and its 200-day moving average price is $6.95. 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 company has a market capitalization of $611.59 million, a price-to-earnings ratio of -3.69 and a beta of 2.60.

Insider Buying and Selling at Mind Medicine (MindMed)

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently modified their holdings of the company. Tri Locum Partners LP boosted its stake in shares of Mind Medicine (MindMed) by 0.6% in the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after buying an additional 2,459 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Mind Medicine (MindMed) by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after purchasing an additional 2,797 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Mind Medicine (MindMed) by 22.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock valued at $126,000 after purchasing an additional 4,079 shares during the period. Cubist Systematic Strategies LLC increased its position in shares of Mind Medicine (MindMed) by 24.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after purchasing an additional 6,890 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after purchasing an additional 9,782 shares during the period. Institutional investors own 27.91% of the company’s stock.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.