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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped up prior to trading on Tuesday . The stock had previously closed at $7.61, but opened at $7.98. Mind Medicine (MindMed) shares last traded at $8.12, with a volume of 156,793 shares.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MNMD. HC Wainwright reaffirmed 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 Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, Canaccord Genuity Group lowered their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Nine analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $25.38.

Mind Medicine (MindMed) Stock Performance

The stock has a 50-day moving average price of $6.50 and a 200 day moving average price of $7.09. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $605.71 million, a price-to-earnings ratio of -3.64 and a beta of 2.48.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the transaction, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the sale, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,994 shares of company stock worth $173,384 in the last 90 days. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in Mind Medicine (MindMed) in the third quarter valued at $91,000. Barclays PLC boosted its position in shares of Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares during the period. Geode Capital Management LLC grew its stake in Mind Medicine (MindMed) by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. XTX Topco Ltd acquired a new position in Mind Medicine (MindMed) during the third quarter worth approximately $337,000. Finally, Wellington Management Group LLP lifted its stake in Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after buying an additional 109,152 shares during the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Company Profile

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.