Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Down - Here's Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $7.32, but opened at $7.15. Mind Medicine (MindMed) shares last traded at $7.10, with a volume of 78,641 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently issued reports on MNMD. Oppenheimer reaffirmed an "outperform" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Canaccord Genuity Group decreased 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 note on Monday, September 16th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Friday, October 11th. Chardan Capital started 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. Finally, 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. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $26.75.

Mind Medicine (MindMed) Price Performance

The company has a 50 day moving average of $7.24 and a 200 day moving average of $6.98. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm has a market cap of $559.52 million, a price-to-earnings ratio of -3.38 and a beta of 2.58.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently modified their holdings of MNMD. Tri Locum Partners LP boosted its position in shares of Mind Medicine (MindMed) by 0.6% during the second 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 period. JPMorgan Chase & Co. lifted its stake in Mind Medicine (MindMed) by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company's stock valued at $211,000 after acquiring an additional 2,797 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company's stock worth $126,000 after purchasing an additional 4,079 shares during the period. Cubist Systematic Strategies LLC boosted its stake 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 worth $256,000 after acquiring an additional 6,890 shares during the period. Finally, State Street Corp increased its holdings in shares of Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company's stock valued at $10,326,000 after purchasing an additional 9,782 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.