Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.69, but opened at $8.00. Mind Medicine (MindMed) shares last traded at $8.76, with a volume of 556,521 shares traded.
Wall Street Analyst Weigh In
MNMD has been the subject of several recent research reports. Oppenheimer reissued an "outperform" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Friday, October 11th. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They set an "outperform" rating and a $20.00 target price on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Finally, Canaccord Genuity Group reduced their price objective 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. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $26.75.
Read Our Latest Research Report on MNMD
Mind Medicine (MindMed) Price Performance
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 stock has a market cap of $594.72 million, a price-to-earnings ratio of -3.59 and a beta of 2.60. The company has a 50 day simple moving average of $7.35 and a 200-day simple moving average of $6.95.
Insiders Place Their Bets
In related 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 sale, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the company's stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,022 shares of company stock valued at $208,203 in the last quarter. 2.26% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Mind Medicine (MindMed)
A number of institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC lifted its position in shares of Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company's stock valued at $775,000 after buying an additional 91,271 shares during the last quarter. Bank of New York Mellon Corp raised its position 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 valued at $1,775,000 after purchasing an additional 203,216 shares during the period. Wellington Management Group LLP lifted its stake in shares of Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company's stock worth $1,057,000 after buying an additional 109,152 shares during 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 acquiring an additional 162,933 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Mind Medicine (MindMed) in the second quarter valued at approximately $679,000. 27.91% of the stock is owned by institutional investors.
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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