Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Up 6.4% – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price was up 6.4% during mid-day trading on Friday . The stock traded as high as $7.11 and last traded at $6.93. Approximately 866,099 shares traded hands during trading, a decline of 36% from the average daily volume of 1,358,263 shares. The stock had previously closed at $6.51.

Analysts Set New Price Targets

Several analysts recently issued reports on MNMD shares. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. HC Wainwright reiterated 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 Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 target price for the company. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Chardan Capital initiated coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price objective for the company. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Trading Up 9.1 %

The stock has a market cap of $521.01 million, a PE ratio of -3.15 and a beta of 2.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The stock has a fifty day moving average price of $7.42 and a 200 day moving average price of $6.94.

Insiders Place Their Bets

In related news, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,022 shares of company stock valued at $208,203 over the last three months. 2.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC increased its position in shares of Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock worth $170,000 after acquiring an additional 8,004 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Mind Medicine (MindMed) by 21.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock worth $87,000 after purchasing an additional 2,230 shares during the period. JPMorgan Chase & Co. raised its position in Mind Medicine (MindMed) by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock valued at $211,000 after purchasing an additional 2,797 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth $91,000. Finally, Barclays PLC grew its position in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after buying an additional 91,271 shares in the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.