Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Up 7.8% - Here's What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s stock price shot up 7.8% during trading on Monday . The company traded as high as $7.82 and last traded at $7.74. 795,560 shares were traded during mid-day trading, a decline of 40% from the average session volume of 1,329,039 shares. The stock had previously closed at $7.18.

Analyst Ratings Changes

Several analysts have recently weighed in on MNMD shares. 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. 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 research report on Monday, October 14th. They issued an "outperform" rating and a $20.00 target price on the stock. Chardan Capital assumed coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a "buy" rating and a $20.00 price target for the company. Finally, Canaccord Genuity Group cut their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $26.75.

Mind Medicine (MindMed) Trading Up 7.1 %

The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $563.92 million, a PE ratio of -3.40 and a beta of 2.60. The stock's 50 day moving average is $7.35 and its two-hundred day moving average is $6.95.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the transaction, the insider now directly owns 338,013 shares of the company's stock, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Barrow sold 19,106 shares of the business'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 $141,957.58. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock worth $208,203 over the last quarter. Insiders own 2.26% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in Mind Medicine (MindMed) during the 3rd quarter worth $58,000. Bridgewealth Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) during the second quarter worth approximately $72,000. Wealth Alliance purchased a new position in Mind Medicine (MindMed) in the 2nd quarter valued at $79,000. Sanctuary Advisors LLC acquired a new position in Mind Medicine (MindMed) in the 3rd quarter valued at $91,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at about $93,000. Hedge funds and other 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.