Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 6.2% – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price was up 6.2% on Monday . The stock traded as high as $13.20 and last traded at $13.1180. Approximately 418,456 shares were traded during trading, a decline of 73% from the average daily volume of 1,570,188 shares. The stock had previously closed at $12.35.

Analyst Upgrades and Downgrades

MNMD has been the topic of several recent analyst reports. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Needham & Company LLC set a $28.00 target price on Mind Medicine (MindMed) and gave the company a “buy” rating in a research report on Monday, October 13th. Royal Bank Of Canada reduced their target price on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Canaccord Genuity Group lifted their price target on shares of Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus target price of $26.50.

Mind Medicine (MindMed) Price Performance

The business has a fifty day moving average price of $12.19 and a 200 day moving average price of $9.86. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.30 and a quick ratio of 3.30. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -6.45 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.26). On average, research analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Daniel Karlin sold 7,704 shares of the business’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $75,268.08. Following the sale, the insider owned 430,625 shares of the company’s stock, valued at $4,207,206.25. The trade was a 1.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark Sullivan sold 11,278 shares of the business’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $110,186.06. Following the completion of the transaction, the insider directly owned 293,852 shares of the company’s stock, valued at approximately $2,870,934.04. This represents a 3.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 44,779 shares of company stock valued at $437,491. Insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. raised its stake in shares of Mind Medicine (MindMed) by 110.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after purchasing an additional 2,003 shares during the period. BIT Capital GmbH acquired a new position in shares of Mind Medicine (MindMed) in the third quarter valued at about $26,000. CWM LLC increased its position in shares of Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after purchasing an additional 1,796 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Mind Medicine (MindMed) by 5,593.2% during the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after acquiring an additional 3,300 shares during the period. Finally, Sound Income Strategies LLC bought a new position in Mind Medicine (MindMed) in the third quarter valued at approximately $46,000. 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.