Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 6.4% - What's Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares rose 6.4% during mid-day trading on Friday . The company traded as high as $7.11 and last traded at $6.93. Approximately 866,099 shares were traded during trading, a decline of 36% from the average daily volume of 1,358,263 shares. The stock had previously closed at $6.51.

Analysts Set New Price Targets

Several research firms have issued reports on MNMD. Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They set a "buy" rating and a $20.00 price target for the company. Leerink Partnrs raised Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Friday, October 11th. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They set an "outperform" rating and a $20.00 price objective for the company. Oppenheimer reiterated an "outperform" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, HC Wainwright restated a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $26.75.

Mind Medicine (MindMed) Stock Up 9.1 %

The stock's 50 day simple moving average is $7.42 and its two-hundred day simple moving average is $6.94. The firm has a market cap of $521.01 million, a P/E ratio of -3.15 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.

Insider Activity

In related news, CEO Robert Barrow sold 19,106 shares of the firm's stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares of the company's stock, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 transaction of $49,357.49. Following the sale, the insider now directly owns 338,013 shares of the company's stock, valued at approximately $2,511,436.59. The trade was 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 over the last ninety days. 2.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Several hedge funds have recently bought and sold shares of MNMD. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter valued at approximately $58,000. Bridgewealth Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth approximately $72,000. Wealth Alliance purchased a new stake in shares of Mind Medicine (MindMed) in the second quarter worth $79,000. Sanctuary Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at $91,000. Finally, Stoneridge Investment Partners LLC purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter valued at $93,000. Institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Company Profile

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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