Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $6.90, but opened at $7.33. Mind Medicine (MindMed) shares last traded at $6.95, with a volume of 308,146 shares trading hands.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the company. Leerink Partnrs raised Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Friday, October 11th. HC Wainwright reiterated a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Evercore ISI began coverage on Mind Medicine (MindMed) in a research note on Tuesday. They issued an "outperform" rating and a $23.00 price target on the stock. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a "buy" rating and a $20.00 price objective for the company. Finally, Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an "outperform" rating and a $20.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has a consensus rating of "Buy" and a consensus target price of $26.33.
View Our Latest Research Report on Mind Medicine (MindMed)
Mind Medicine (MindMed) Stock Down 2.6 %
The business's 50 day simple moving average is $7.27 and its 200-day simple moving average is $6.94. 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 company has a market cap of $522.84 million, a price-to-earnings ratio of -3.15 and a beta of 2.60.
Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.02. During the same quarter last year, the business posted ($0.53) EPS. Sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.
Insiders Place Their Bets
In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the firm'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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Dan Karlin sold 6,643 shares of the business's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. 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. Company insiders own 2.26% of the company's stock.
Institutional Investors Weigh In On Mind Medicine (MindMed)
A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in shares of 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 buying an additional 162,933 shares during the last quarter. Wellington Management Group LLP raised its position 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 valued at $1,057,000 after acquiring an additional 109,152 shares during the last quarter. Barclays PLC lifted its stake in shares of Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company's stock valued at $775,000 after purchasing an additional 91,271 shares during the period. XTX Topco Ltd bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth $337,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $298,000. 27.91% of the stock is currently owned by institutional investors.
About Mind Medicine (MindMed)
(
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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