Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 7.8% Higher – Should You Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price 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.

Analysts Set New Price Targets

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

Mind Medicine (MindMed) Stock Down 12.8 %

The company has a market cap of $518.46 million, a PE ratio of -3.13 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 company’s fifty day moving average is $7.40 and its 200-day moving average is $6.96.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,643 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 transaction of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was 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 in the company, valued at $3,913,128.38. The trade was 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 over the last 90 days. Company insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently bought and sold shares of MNMD. Bank of New York Mellon Corp raised its stake in shares of Mind Medicine (MindMed) by 472.7% in the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after buying an additional 203,216 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Mind Medicine (MindMed) during the 2nd quarter worth approximately $131,000. Rhumbline Advisers purchased a new position in Mind Medicine (MindMed) during the second quarter valued at approximately $679,000. Arizona State Retirement System bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth approximately $114,000. Finally, AdvisorShares Investments LLC increased its stake in shares of Mind Medicine (MindMed) by 13.4% in the second quarter. AdvisorShares Investments LLC now owns 124,166 shares of the company’s stock worth $878,000 after purchasing an additional 14,659 shares in the last quarter. 27.91% of the stock is currently owned by hedge funds and other 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.