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

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 changing hands.

Analysts Set New Price Targets

MNMD has been the topic of a number of analyst reports. HC Wainwright restated a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday. Oppenheimer reiterated an "outperform" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday. They set an "outperform" rating and a $23.00 price objective for the company. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Friday, October 11th. Finally, Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a "buy" rating and a $20.00 price target on the stock. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of "Buy" and a consensus price target of $26.33.

Mind Medicine (MindMed) Stock Performance

The company has a fifty day moving average price of $7.28 and a two-hundred day moving average price of $6.94. The company has a market capitalization of $497.92 million, a P/E ratio of -3.00 and a beta of 2.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.27) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.02. During the same period in the prior year, the business posted ($0.53) earnings per share. Equities analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, 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 transaction of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 19,106 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 $141,957.58. Following the completion of the sale, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,022 shares of company stock valued at $208,203. Corporate insiders own 2.26% of the company's stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently modified their holdings of the company. Cubist Systematic Strategies LLC increased 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 purchasing an additional 6,890 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth $197,000. SG Americas Securities LLC purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter worth about $93,000. Wealth Enhancement Advisory Services LLC bought a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at about $58,000. Finally, Stoneridge Investment Partners LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter valued at about $93,000. Institutional investors own 27.91% of the company's stock.

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.