Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 4.4% Higher

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) traded up 4.4% during mid-day trading on Wednesday . The company traded as high as $9.30 and last traded at $9.23. 377,695 shares changed hands during trading, a decline of 78% from the average session volume of 1,686,270 shares. The stock had previously closed at $8.84.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $35.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, May 24th. Royal Bank of Canada restated an “outperform” rating and set a $22.00 price objective on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Baird R W upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. Cantor Fitzgerald restated an “overweight” rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Finally, Roth Mkm assumed coverage on shares of Mind Medicine (MindMed) in a report on Wednesday. They set a “buy” rating and a $36.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $22.00.

Mind Medicine (MindMed) Price Performance

The company has a market cap of $626.71 million, a price-to-earnings ratio of -3.01 and a beta of 2.58. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07. The company’s fifty day moving average price is $7.81 and its two-hundred day moving average price is $7.37.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.06. On average, equities research analysts forecast that Mind Medicine will post -1.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert Barrow sold 15,659 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the transaction, the chief executive officer now owns 564,543 shares in the company, valued at $4,076,000.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Dan Karlin sold 6,925 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares in the company, valued at $2,538,024.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Barrow sold 15,659 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the transaction, the chief executive officer now owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blackstone Inc. bought a new stake in Mind Medicine (MindMed) during the first quarter worth $11,749,000. Janus Henderson Group PLC bought a new stake in Mind Medicine (MindMed) during the first quarter worth $8,964,000. AWM Investment Company Inc. bought a new stake in Mind Medicine (MindMed) during the first quarter worth $7,830,000. Tidal Investments LLC bought a new stake in Mind Medicine (MindMed) during the first quarter worth $1,698,000. Finally, Moloney Securities Asset Management LLC raised its position in Mind Medicine (MindMed) by 133.0% during the first quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock worth $1,522,000 after acquiring an additional 92,450 shares in the last quarter. 27.91% of the stock is owned by institutional investors.

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.