Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 5.5% - Still a Buy?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) rose 5.5% on Monday . The stock traded as high as $6.94 and last traded at $7.16. Approximately 517,608 shares were traded during trading, a decline of 62% from the average daily volume of 1,376,453 shares. The stock had previously closed at $6.79.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MNMD shares. Oppenheimer reissued an "outperform" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price on the stock. Leerink Partners started coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an "outperform" rating and a $20.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Finally, Chardan Capital started coverage on 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. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $26.33.

Mind Medicine (MindMed) Stock Performance

The firm has a fifty day moving average of $7.30 and a 200 day moving average of $6.92. The stock has a market cap of $605.71 million, a price-to-earnings ratio of -3.65 and a beta of 2.59. 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 posted 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 period in the previous year, the business posted ($0.53) EPS. As a group, sell-side analysts forecast that Mind Medicine will post -1.35 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,106 shares of the business's stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now directly owns 526,666 shares in the company, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now directly owns 338,013 shares of the company's stock, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 over the last ninety days. Company insiders own 2.26% of the company's stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several large investors have recently made changes to their positions in the stock. Wealthfront Advisers LLC acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $717,000. SLT Holdings LLC purchased a new position in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $91,000. Raymond James Financial Inc. acquired a new position in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $111,000. Oppenheimer & Co. Inc. increased its stake in Mind Medicine (MindMed) by 25.1% during the 4th quarter. Oppenheimer & Co. Inc. now owns 65,541 shares of the company's stock worth $456,000 after buying an additional 13,160 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Mind Medicine (MindMed) by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company's stock worth $1,393,000 after buying an additional 10,338 shares in the last quarter. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.