Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 4.9% Higher - Still a Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares were up 4.9% during trading on Wednesday . The stock traded as high as $7.89 and last traded at $7.85. Approximately 164,916 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 1,422,092 shares. The stock had previously closed at $7.48.

Analyst Ratings Changes

A number of brokerages recently weighed in on MNMD. Oppenheimer restated an "outperform" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Tuesday. Canaccord Genuity Group decreased their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, September 16th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Friday, October 11th. HC Wainwright restated a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Finally, Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an "outperform" rating and a $20.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $27.71.

Mind Medicine (MindMed) Stock Performance

The stock has a market cap of $529.46 million, a price-to-earnings ratio of -3.19 and a beta of 2.58. 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 firm has a fifty day simple moving average of $7.04 and a 200 day simple moving average of $7.00.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the business's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares of the company's stock, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now directly owns 545,772 shares in the company, valued at $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. Over the last ninety days, insiders have sold 28,994 shares of company stock valued at $173,384. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at $58,000. Bridgewealth Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) during the second quarter worth about $72,000. Wealth Alliance acquired a new stake in shares of Mind Medicine (MindMed) during the second quarter worth about $79,000. Sanctuary Advisors LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $91,000. Finally, SG Americas Securities LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $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.