Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $13.30, but opened at $13.65. Mind Medicine (MindMed) shares last traded at $13.9540, with a volume of 323,166 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Jones Trading began coverage on Mind Medicine (MindMed) in a research note on Tuesday. They issued a “buy” rating and a $61.00 price target for the company. Canaccord Genuity Group boosted their price target on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Royal Bank Of Canada reduced their price objective on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Chardan Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, November 19th. Finally, Needham & Company LLC set a $28.00 target price on shares of Mind Medicine (MindMed) and gave the company a “buy” rating in a research report on Monday, October 13th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $30.33.

Mind Medicine (MindMed) Price Performance

The business has a 50-day moving average of $12.26 and a two-hundred day moving average of $10.26. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.31. The firm has a market cap of $1.38 billion, a P/E ratio of -6.86 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.26). On average, sell-side analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Daniel Karlin sold 7,704 shares of the firm’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $75,268.08. Following the completion of the transaction, the insider owned 430,625 shares of the company’s stock, valued at approximately $4,207,206.25. This trade represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Barrow sold 25,797 shares of the business’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $252,036.69. Following the completion of the sale, the chief executive officer directly owned 804,268 shares in the company, valued at approximately $7,857,698.36. This represents a 3.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 44,779 shares of company stock valued at $437,491. Insiders own 2.45% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in Mind Medicine (MindMed) by 110.4% in the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after acquiring an additional 2,003 shares during the last quarter. BIT Capital GmbH bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $26,000. CWM LLC increased its position in shares of Mind Medicine (MindMed) by 67.4% during the second quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after buying an additional 1,796 shares during the period. Fifth Third Bancorp grew its holdings in Mind Medicine (MindMed) by 5,593.2% during the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after acquiring an additional 3,300 shares during the period. Finally, Sound Income Strategies LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth about $46,000. 27.91% of the stock is currently owned by institutional investors.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.