Stock Traders Purchase Large Volume of Call Options on Mind Medicine (MindMed) (NASDAQ:MNMD)

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) was the recipient of unusually large options trading on Friday. Stock investors purchased 4,593 call options on the company. This is an increase of 180% compared to the average volume of 1,638 call options.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the 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 sale, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Barrow sold 19,771 shares of the company's stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares of the company's stock, 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. Insiders have sold 28,994 shares of company stock valued at $173,384 over the last ninety days. Insiders own 2.26% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. SageView Advisory Group LLC purchased a new position in Mind Medicine (MindMed) during the 1st quarter worth $25,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Mind Medicine (MindMed) in the third quarter valued at about $58,000. Bridgewealth Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) in the 2nd quarter valued at approximately $72,000. Wealth Alliance acquired a new position in Mind Medicine (MindMed) during the 2nd quarter worth approximately $79,000. Finally, SG Americas Securities LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter worth approximately $93,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MNMD shares. HC Wainwright reiterated a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday. Roth Mkm started coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a "buy" rating and a $36.00 target price on the stock. Leerink Partnrs raised Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Friday, October 11th. Roth Capital raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Wednesday, July 24th. Finally, Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an "outperform" rating and a $20.00 price target for the company. Nine investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of "Buy" and an average target price of $25.38.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock traded down $0.63 during midday trading on Friday, hitting $7.76. 5,464,379 shares of the company's stock were exchanged, compared to its average volume of 1,448,606. The firm's 50 day simple moving average is $6.32 and its 200 day simple moving average is $7.23. Mind Medicine has a 12-month low of $2.42 and a 12-month high of $12.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.92 and a current ratio of 9.00. The stock has a market cap of $559.85 million, a price-to-earnings ratio of -3.43 and a beta of 2.48.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). Equities research analysts predict that Mind Medicine will post -1.25 EPS for the current year.

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.