Short Interest in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Rises By 25.2%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the target of a significant growth in short interest in July. As of July 15th, there was short interest totalling 9,240,000 shares, a growth of 25.2% from the June 30th total of 7,380,000 shares. Based on an average trading volume of 1,390,000 shares, the short-interest ratio is currently 6.6 days. Approximately 34.0% of the shares of the stock are sold short.

Insider Activity

In related news, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 351,527 shares in the company, valued at $2,538,024.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 351,527 shares in the company, valued at $2,538,024.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Barrow sold 15,659 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNMD. SageView Advisory Group LLC acquired a new position in Mind Medicine (MindMed) in the first quarter valued at about $25,000. Bailard Inc. acquired a new position in Mind Medicine (MindMed) in the fourth quarter valued at about $63,000. Sequoia Financial Advisors LLC acquired a new position in Mind Medicine (MindMed) in the first quarter valued at about $168,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Mind Medicine (MindMed) in the second quarter valued at about $131,000. Finally, Mitchell Mcleod Pugh & Williams Inc. acquired a new position in Mind Medicine (MindMed) in the fourth quarter valued at about $73,000. Institutional investors own 27.91% of the company’s stock.

Wall Street Analysts Forecast Growth

MNMD has been the subject of a number of research analyst reports. Robert W. Baird initiated coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They issued an “outperform” rating and a $27.00 target price for the company. 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. Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Finally, SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. They set an “outperform” rating and a $20.00 price target on the stock. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $22.00.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD traded down $0.05 during midday trading on Tuesday, reaching $9.05. The stock had a trading volume of 129,601 shares, compared to its average volume of 1,663,392. Mind Medicine has a 1-year low of $2.41 and a 1-year high of $12.22. The firm’s fifty day simple moving average is $7.86 and its 200-day simple moving average is $7.51. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.91 and a current ratio of 3.91.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.06. As a group, research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

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.