Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Should You Buy?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped up before the market opened on Tuesday . The stock had previously closed at $6.90, but opened at $7.33. Mind Medicine (MindMed) shares last traded at $6.95, with a volume of 308,146 shares traded.

Analyst Ratings Changes

MNMD has been the topic of a number of research analyst reports. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Oppenheimer reiterated an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Chardan Capital started coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. Evercore ISI started coverage on Mind Medicine (MindMed) in a research note on Tuesday. They issued an “outperform” rating and a $23.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Ten equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $26.33.

Mind Medicine (MindMed) Trading Down 1.5 %

The business has a 50 day simple moving average of $7.27 and a two-hundred day simple moving average of $6.94. The stock has a market cap of $536.78 million, a price-to-earnings ratio of -3.24 and a beta of 2.60. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. During the same quarter last year, the company posted ($0.53) EPS. As a group, equities analysts anticipate that Mind Medicine will post -1.35 EPS for the current year.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the sale, the insider now directly owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,022 shares of company stock valued at $208,203. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after purchasing an additional 109,152 shares during the period. Barclays PLC lifted its holdings in shares of Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after purchasing an additional 91,271 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $337,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Mind Medicine (MindMed) during the 3rd quarter valued at approximately $298,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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.