Mind Medicine (MindMed) (NASDAQ:MNMD) Sees Unusually-High Trading Volume - Still a Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 1,361,776 shares were traded during trading, a decline of 6% from the previous session's volume of 1,443,402 shares.The stock last traded at $7.97 and had previously closed at $7.37.

Analyst Upgrades and Downgrades

MNMD has been the topic of a number of recent research reports. Evercore ISI began coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price on the stock. 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 target price for the company. Leerink Partnrs raised Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Friday, October 11th. Oppenheimer reaffirmed an "outperform" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, Chardan Capital initiated coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a "buy" rating and a $20.00 price objective for the company. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $26.33.

Mind Medicine (MindMed) Trading Down 7.9 %

The business has a 50 day moving average of $7.30 and a two-hundred day moving average of $6.92. The firm has a market cap of $605.72 million, a P/E ratio of -3.65 and a beta of 2.59. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02. During the same quarter in the prior year, the business earned ($0.53) earnings per share. Analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction on Thursday, December 26th. The stock was 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 owns 338,013 shares of the company's stock, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the company's stock in a transaction dated 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 in the company, valued at $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 have sold a total of 28,022 shares of company stock valued at $208,203 in the last three months. 2.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. State Street Corp grew its position in Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company's stock worth $10,326,000 after buying an additional 9,782 shares in the last quarter. Geode Capital Management LLC lifted its position in Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company's stock worth $9,548,000 after purchasing an additional 162,933 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Mind Medicine (MindMed) by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company's stock worth $3,428,000 after buying an additional 46,187 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Mind Medicine (MindMed) by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company's stock valued at $1,393,000 after buying an additional 10,338 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Mind Medicine (MindMed) by 142.6% in the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company's stock valued at $1,057,000 after buying an additional 109,152 shares in the last quarter. 27.91% of the stock is 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.