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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the recipient of some unusual options trading on Friday. Stock investors purchased 4,593 call options on the stock. This represents an increase of 180% compared to the typical daily volume of 1,638 call options.

Mind Medicine (MindMed) Price Performance

MNMD stock opened at $7.76 on Friday. The firm has a 50 day simple moving average of $6.32 and a two-hundred day simple moving average of $7.23. The stock has a market cap of $559.85 million, a PE ratio of -3.43 and a beta of 2.48. Mind Medicine has a one year low of $2.42 and a one year high of $12.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 5.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, analysts predict that Mind Medicine will post -1.25 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,871 shares of the firm’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 $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock worth $173,384 over the last ninety days. 2.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently added to or reduced their stakes in MNMD. Blackstone Inc. purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $11,749,000. Janus Henderson Group PLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $8,964,000. AWM Investment Company Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at $7,830,000. Bank of New York Mellon Corp grew its holdings in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter worth $1,698,000. Institutional investors own 27.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group reduced their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price target on the stock. Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Finally, Roth Mkm initiated coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $25.38.

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.