Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $8.39, but opened at $9.00. Mind Medicine (MindMed) shares last traded at $8.80, with a volume of 1,054,012 shares trading hands.
Analysts Set New Price Targets
MNMD has been the topic of several recent analyst reports. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Friday, October 11th. HC Wainwright reiterated a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday. Roth Mkm assumed coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a "buy" rating and a $36.00 target price for the company. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an "outperform" rating and a $20.00 price target on the stock. Finally, Roth Capital upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Wednesday, July 24th. Nine investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $25.38.
Get Our Latest Report on MNMD
Mind Medicine (MindMed) Price Performance
The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.92 and a current ratio of 9.00. The firm has a market capitalization of $559.85 million, a PE ratio of -3.43 and a beta of 2.48. The stock has a fifty day moving average price of $6.32 and a 200-day moving average price of $7.23.
Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). Sell-side analysts forecast that Mind Medicine will post -1.25 EPS for the current fiscal year.
Insider Buying and Selling
In related news, insider Dan Karlin sold 6,871 shares of the business's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 1.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares of the company's stock, valued at approximately $3,263,716.56. 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 28,994 shares of company stock worth $173,384 in the last 90 days. 2.26% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Mind Medicine (MindMed)
Hedge funds have recently made changes to their positions in the company. Marshall Wace LLP lifted its holdings in Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company's stock valued at $15,575,000 after acquiring an additional 161,659 shares during the period. State Street Corp lifted its position 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 valued at $10,326,000 after buying an additional 9,782 shares in the last quarter. Blackstone Inc. purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at approximately $11,749,000. Janus Henderson Group PLC purchased a new stake in Mind Medicine (MindMed) in the 1st quarter worth $8,964,000. Finally, AWM Investment Company Inc. acquired a new position in Mind Medicine (MindMed) during the first quarter worth $7,830,000. 27.91% of the stock is owned by institutional investors and hedge funds.
Mind Medicine (MindMed) Company Profile
(
Get Free Report)
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.
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