Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $8.65, but opened at $9.18. Mind Medicine (MindMed) shares last traded at $10.00, with a volume of 2,300,502 shares changing hands.
Analyst Upgrades and Downgrades
Several brokerages have commented on MNMD. Chardan Capital began coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a "buy" rating and a $20.00 price objective on the stock. Oppenheimer reaffirmed an "outperform" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Finally, Evercore ISI began coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price objective on the stock. Ten analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $26.33.
View Our Latest Stock Analysis on MNMD
Mind Medicine (MindMed) Stock Down 2.7 %
The firm has a market capitalization of $607.17 million, a PE ratio of -3.66 and a beta of 2.59. The company has a fifty day simple moving average of $7.49 and a two-hundred day simple moving average of $6.90. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.
Insiders Place Their Bets
In related news, insider Dan Karlin sold 6,643 shares of the company's stock in a transaction on Thursday, December 26th. The stock was 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 directly owns 338,013 shares in the company, valued at $2,511,436.59. This represents a 1.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert Barrow sold 19,106 shares of the company's stock in a transaction 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 of the company's stock, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Mind Medicine (MindMed)
Hedge funds have recently made changes to their positions in the stock. Barclays PLC lifted its stake in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company's stock worth $775,000 after purchasing an additional 91,271 shares during the last quarter. Wellington Management Group LLP raised its stake in Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company's stock valued at $1,057,000 after buying an additional 109,152 shares during the last quarter. Geode Capital Management LLC raised its stake in Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company's stock valued at $9,548,000 after buying an additional 162,933 shares during the last quarter. SG Americas Securities LLC raised its stake in Mind Medicine (MindMed) by 48.8% in the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company's stock valued at $170,000 after buying an additional 8,004 shares during the last quarter. Finally, State Street Corp raised its stake in 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 buying an additional 9,782 shares during the last quarter. 27.91% of the stock is currently owned by hedge funds and other 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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