Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price 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 changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MNMD. Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday. They set an “outperform” rating and a $23.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price objective on the stock. Finally, Oppenheimer restated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Ten equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus target price of $26.33.

Mind Medicine (MindMed) Stock Performance

The business’s fifty day simple moving average is $7.27 and its 200-day simple moving average is $6.93. The firm has a market cap of $513.68 million, a P/E ratio of -3.10 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 issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. During the same quarter in the previous year, the firm earned ($0.53) EPS. As a group, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the transaction, the insider now directly owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares of the company’s stock, 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. Insiders sold a total of 28,022 shares of company stock valued at $208,203 in the last three months. Company insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

A number of large investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. bought a new stake in shares of Mind Medicine (MindMed) in the fourth quarter worth approximately $108,000. Foundations Investment Advisors LLC bought a new stake in Mind Medicine (MindMed) during the fourth quarter valued at approximately $91,000. SG Americas Securities LLC grew its position in Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock valued at $170,000 after buying an additional 8,004 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Mind Medicine (MindMed) by 21.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after buying an additional 2,230 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Mind Medicine (MindMed) by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock valued at $211,000 after buying an additional 2,797 shares during the period. 27.91% of the stock is currently 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.