Mind Medicine (MindMed) (NASDAQ:MNMD) Sets New 52-Week High – Still a Buy?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $14.81 and last traded at $13.6060, with a volume of 1370810 shares. The stock had previously closed at $13.64.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MNMD shares. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Royal Bank Of Canada dropped their target price on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Chardan Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, November 19th. Jones Trading assumed coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 23rd. They issued a “buy” rating and a $61.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price objective on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and a consensus target price of $30.33.

Mind Medicine (MindMed) Price Performance

The company has a 50-day moving average of $12.40 and a two-hundred day moving average of $10.65. 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 stock has a market capitalization of $1.36 billion, a PE ratio of -6.77 and a beta of 2.57.

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

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 5,600 shares of the company’s stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $13.15, for a total transaction of $73,640.00. Following the completion of the sale, the insider directly owned 425,025 shares in the company, valued at $5,589,078.75. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert Barrow sold 25,791 shares of the firm’s stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $13.15, for a total value of $339,151.65. Following the completion of the transaction, the chief executive officer owned 778,477 shares in the company, valued at approximately $10,236,972.55. This trade represents a 3.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,667 shares of company stock worth $561,071 in the last ninety days. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors and hedge funds have recently bought and sold shares of the business. BIT Capital GmbH purchased a new stake in Mind Medicine (MindMed) during the third quarter worth approximately $26,000. Fifth Third Bancorp boosted its position in 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 purchasing an additional 3,300 shares during the period. Sound Income Strategies LLC acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at $46,000. Russell Investments Group Ltd. increased its holdings in 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 in the last quarter. Finally, CWM LLC raised its position in Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after purchasing an additional 1,796 shares during the period. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.