Mind Medicine (MindMed) (NASDAQ:MNMD) Trading 5.6% Higher – Should You Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price was up 5.6% during trading on Tuesday . The stock traded as high as $14.46 and last traded at $14.6550. Approximately 486,139 shares were traded during trading, a decline of 77% from the average daily volume of 2,137,897 shares. The stock had previously closed at $13.88.

Analysts Set New Price Targets

Several research firms have recently issued reports on MNMD. Royal Bank Of Canada decreased their price objective on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Needham & Company LLC restated a “buy” rating on shares of Mind Medicine (MindMed) in a report on Monday, January 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Chardan Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, Jones Trading assumed coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, December 23rd. They issued a “buy” rating and a $61.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $30.33.

Mind Medicine (MindMed) Stock Performance

The firm’s fifty day simple moving average is $12.50 and its 200 day simple moving average is $10.94. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -7.31 and a beta of 2.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.30 and a quick ratio of 3.30.

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

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Daniel Karlin sold 5,600 shares of the stock in a transaction on Friday, December 26th. The shares were sold at an average price of $13.15, for a total transaction of $73,640.00. Following the transaction, the insider owned 425,025 shares in the company, valued at $5,589,078.75. This represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Sullivan sold 11,276 shares of Mind Medicine (MindMed) stock in a transaction on Friday, December 26th. The shares were sold at an average price of $13.15, for a total transaction of $148,279.40. Following the completion of the sale, the insider directly owned 282,576 shares of the company’s stock, valued at approximately $3,715,874.40. The trade was a 3.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 42,667 shares of company stock valued at $561,071 in the last three months. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP raised its stake in shares of Mind Medicine (MindMed) by 31.9% in the 2nd quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock valued at $22,204,000 after acquiring an additional 828,067 shares in the last quarter. Commodore Capital LP grew its holdings in Mind Medicine (MindMed) by 10.5% during the second quarter. Commodore Capital LP now owns 5,000,000 shares of the company’s stock valued at $32,450,000 after purchasing an additional 475,000 shares during the last quarter. Orbimed Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $4,337,000. Rosalind Advisors Inc. boosted its holdings in shares of Mind Medicine (MindMed) by 78.6% during the 3rd quarter. Rosalind Advisors Inc. now owns 750,000 shares of the company’s stock worth $8,842,000 after buying an additional 330,000 shares during the period. Finally, Two Sigma Investments LP grew its stake in Mind Medicine (MindMed) by 424.9% in the 3rd quarter. Two Sigma Investments LP now owns 296,443 shares of the company’s stock valued at $3,495,000 after buying an additional 239,965 shares during the last quarter. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.