Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Up 20.2%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMDGet Free Report)’s stock price rose 20.2% during mid-day trading on Wednesday . The company traded as high as $12.15 and last traded at $11.84. Approximately 2,394,555 shares changed hands during trading, an increase of 23% from the average daily volume of 1,947,652 shares. The stock had previously closed at $9.85.

Wall Street Analysts Forecast Growth

MNMD has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Canaccord Genuity Group initiated coverage on Mind Medicine (MindMed) in a research report on Tuesday, December 5th. They set a “buy” rating and a $9.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $24.83.

Get Our Latest Research Report on Mind Medicine (MindMed)

Mind Medicine (MindMed) Stock Up 18.8 %

The business has a fifty day simple moving average of $6.46 and a two-hundred day simple moving average of $4.38. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The company has a market cap of $822.16 million, a PE ratio of -4.83 and a beta of 2.81.

Mind Medicine (MindMed) (NASDAQ:MNMDGet Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). As a group, equities research analysts predict that Mind Medicine will post -1.7 earnings per share for the current year.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the transaction, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently modified their holdings of the business. Citigroup Inc. acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $273,000. Commonwealth Equity Services LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $53,000. Rathbones Group PLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $78,000. Jump Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $106,000. Finally, Regal Investment Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $46,000. 27.91% of the stock is owned by institutional investors and hedge funds.

About Mind Medicine (MindMed)

(Get Free Report)

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 for the treatment of core symptoms of autism spectrum disorder.

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