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

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MNMD. HC Wainwright reiterated a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, January 31st. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a "buy" rating and a $20.00 price target on the stock. Oppenheimer reissued an "outperform" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an "outperform" rating and a $20.00 price target for the company. Finally, Evercore ISI began coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an "outperform" rating and a $23.00 price objective on the stock. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of "Buy" and an average price target of $26.33.

Mind Medicine (MindMed) Price Performance

The company has a market capitalization of $657.77 million, a P/E ratio of -3.97 and a beta of 2.59. The business has a 50 day simple moving average of $7.29 and a 200-day simple moving average of $6.94. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.02. During the same period in the prior year, the business earned ($0.53) earnings per share. Analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 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 $49,357.49. Following the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the company's stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the sale, the chief executive officer now directly owns 526,666 shares of the company's stock, valued at $3,913,128.38. The trade was 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 28,022 shares of company stock valued at $208,203. Company insiders own 2.26% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Mind Medicine (MindMed) by 21.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company's stock valued at $87,000 after buying an additional 2,230 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Mind Medicine (MindMed) by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company's stock worth $211,000 after acquiring an additional 2,797 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company's stock valued at $126,000 after acquiring an additional 4,079 shares during the period. Rhumbline Advisers lifted its position in shares of Mind Medicine (MindMed) by 5.1% in the 4th quarter. Rhumbline Advisers now owns 100,695 shares of the company's stock valued at $701,000 after acquiring an additional 4,868 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company's stock worth $256,000 after purchasing an additional 6,890 shares during the period. 27.91% of the stock is owned by institutional investors and hedge funds.

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.