Mind Medicine (MindMed) (NASDAQ:MNMD) Sees Strong Trading Volume - Time to Buy?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 1,361,776 shares changed hands during mid-day 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 Ratings Changes

A number of brokerages have issued reports on MNMD. Leerink Partners started coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an "outperform" rating and a $20.00 target price for the company. Evercore ISI started coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price target on the stock. Oppenheimer reiterated an "outperform" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. HC Wainwright restated a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. 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 objective on the stock. Ten research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $26.33.

Mind Medicine (MindMed) Stock Performance

The stock has a 50-day moving average of $7.30 and a 200 day moving average of $6.91. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The firm has a market capitalization of $605.71 million, a P/E ratio of -3.65 and a beta of 2.59.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $0.02. During the same quarter in the prior year, the business posted ($0.53) EPS. On average, research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,643 shares of the company's stock in a transaction dated 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 transaction, the insider now directly owns 338,013 shares of the company's stock, valued at $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the 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 transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 28,022 shares of company stock valued at $208,203 over the last quarter. Corporate insiders own 2.26% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company bought a new stake in shares of Mind Medicine (MindMed) in the second quarter valued at $197,000. Cubist Systematic Strategies LLC lifted its stake in Mind Medicine (MindMed) by 24.1% in the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company's stock worth $256,000 after purchasing an additional 6,890 shares during the last quarter. SG Americas Securities LLC bought a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at $93,000. Wealth Enhancement Advisory Services LLC purchased a new position in Mind Medicine (MindMed) during the third quarter valued at $58,000. Finally, Stoneridge Investment Partners LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at about $93,000. 27.91% of the stock is owned by institutional investors.

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.