Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 4.9% – Should You Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was up 4.9% on Wednesday . The stock traded as high as $7.89 and last traded at $7.85. Approximately 164,916 shares traded hands during trading, a decline of 88% from the average daily volume of 1,422,092 shares. The stock had previously closed at $7.48.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Oppenheimer reissued an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday. Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Canaccord Genuity Group cut their target price on shares of 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. Finally, Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Eight investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Mind Medicine (MindMed) has an average rating of “Buy” and a consensus target price of $27.71.

Mind Medicine (MindMed) Price Performance

The business’s 50-day moving average price is $7.04 and its 200 day moving average price is $7.00. The company has a market capitalization of $581.52 million, a P/E ratio of -3.51 and a beta of 2.58. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,771 shares of the company’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 $118,230.58. Following the transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,871 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 $41,088.58. Following the sale, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 in the last three months. Company insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors have recently made changes to their positions in the stock. Bridgewealth Advisory Group LLC bought a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter worth $72,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter valued at about $58,000. Wealth Alliance bought a new stake in Mind Medicine (MindMed) during the second quarter worth about $79,000. Arizona State Retirement System purchased a new position in shares of Mind Medicine (MindMed) in the 2nd quarter worth about $114,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $91,000. Institutional investors own 27.91% of the company’s stock.

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.