Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up to $1.21

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares gapped up before the market opened on Thursday . The stock had previously closed at 1.21, but opened at 1.26. Mind Medicine (MindMed) shares last traded at 1.22, with a volume of 12,779 shares changing hands.

Separately, Zacks Investment Research cut shares of Mind Medicine (MindMed) from a “hold” rating to a “sell” rating in a report on Thursday, November 25th.

The firm has a market capitalization of $467.39 million and a PE ratio of -5.60. The stock’s fifty day simple moving average is 1.80 and its 200 day simple moving average is 2.43.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Friday, November 12th. The company reported -0.06 EPS for the quarter, missing the Zacks’ consensus estimate of -0.03 by -0.03. On average, analysts expect that Mind Medicine will post -0.24 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Mind Medicine (MindMed) by 6.4% in the third quarter. BlackRock Inc. now owns 16,681,997 shares of the company’s stock worth $38,868,000 after purchasing an additional 997,490 shares in the last quarter. State Street Corp purchased a new stake in shares of Mind Medicine (MindMed) in the second quarter worth $15,439,000. Geode Capital Management LLC increased its stake in shares of Mind Medicine (MindMed) by 7.4% in the third quarter. Geode Capital Management LLC now owns 2,913,033 shares of the company’s stock worth $6,793,000 after purchasing an additional 200,941 shares in the last quarter. Vanguard Group Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the second quarter worth $5,755,000. Finally, Millennium Management LLC increased its stake in shares of Mind Medicine (MindMed) by 33.6% in the third quarter. Millennium Management LLC now owns 1,392,359 shares of the company’s stock worth $3,244,000 after purchasing an additional 350,178 shares in the last quarter. 10.66% of the stock is owned by institutional investors and hedge funds.

About Mind Medicine (MindMed) (NASDAQ:MNMD)

Mind Medicine (MindMed), Inc operates as a neuro-pharmaceutical company that discovers, develops and deploys psychedelic medicines to improve health, promote wellness and alleviate suffering. The firm develops a non-hallucinogenic version of the psychedelic ibogaine. The company was founded by Stephen L.

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