Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Sees Significant Growth in Short Interest

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the target of a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 9,240,000 shares, an increase of 25.2% from the June 30th total of 7,380,000 shares. Approximately 34.0% of the shares of the company are short sold. Based on an average trading volume of 1,390,000 shares, the short-interest ratio is currently 6.6 days.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $49,998.50. Following the completion of the sale, the insider now directly owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at $4,076,000.46. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the completion of the transaction, the insider now directly owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SageView Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at about $25,000. Bailard Inc. bought a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth approximately $63,000. Mitchell Mcleod Pugh & Williams Inc. bought a new stake in Mind Medicine (MindMed) in the 4th quarter valued at $73,000. Jump Financial LLC lifted its holdings in Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after purchasing an additional 2,826 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in Mind Medicine (MindMed) during the first quarter worth $168,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MNMD. Robert W. Baird started coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, May 28th. They set an “outperform” rating and a $27.00 price objective for the company. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday. Baird R W raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. Royal Bank of Canada reissued an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $22.00.

Mind Medicine (MindMed) Trading Down 0.3 %

Mind Medicine (MindMed) stock opened at $9.40 on Friday. The company has a 50 day moving average of $7.84 and a 200-day moving average of $7.45. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.06. Equities analysts predict that Mind Medicine will post -1.35 EPS for the current year.

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.