Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up to $9.67

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price gapped up prior to trading on Monday . The stock had previously closed at $9.67, but opened at $10.05. Mind Medicine (MindMed) shares last traded at $9.98, with a volume of 257,222 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MNMD. Royal Bank of Canada upped their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a report on Monday. They issued an “outperform” rating and a $20.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $25.20.

Mind Medicine (MindMed) Stock Performance

The stock’s 50-day moving average price is $7.79 and its 200 day moving average price is $4.86. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22. The firm has a market cap of $694.27 million, a P/E ratio of -4.03 and a beta of 2.80.

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

Insider Transactions at Mind Medicine (MindMed)

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

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNMD. Royal Bank of Canada increased its holdings in shares of Mind Medicine (MindMed) by 60.7% in the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after purchasing an additional 2,824 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Mind Medicine (MindMed) in the third quarter valued at $28,000. Virtu Financial LLC acquired a new position in shares of Mind Medicine (MindMed) in the first quarter valued at $29,000. Regal Investment Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the third quarter valued at $46,000. Finally, Commonwealth Equity Services LLC acquired a new position in shares of Mind Medicine (MindMed) in the third quarter valued at $53,000. 27.91% of the stock is owned by institutional investors.

About Mind Medicine (MindMed)

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.