Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Here’s Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $6.90, but opened at $7.33. Mind Medicine (MindMed) shares last traded at $6.95, with a volume of 308,146 shares changing hands.

Analysts Set New Price Targets

MNMD has been the subject of several recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Oppenheimer reissued an “outperform” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday. They set an “outperform” rating and a $23.00 price target on the stock. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, Chardan Capital started coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Ten research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $26.33.

Mind Medicine (MindMed) Price Performance

The stock’s fifty day moving average price is $7.27 and its 200-day moving average price is $6.94. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The firm has a market cap of $536.78 million, a price-to-earnings ratio of -3.24 and a beta of 2.60.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. During the same period in the previous year, the business posted ($0.53) earnings per share. Equities research analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction dated 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 $2,511,436.59. This trade represents a 1.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in MNMD. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Mind Medicine (MindMed) by 21.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after purchasing an additional 2,230 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Mind Medicine (MindMed) by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after acquiring an additional 2,797 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Mind Medicine (MindMed) by 22.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock valued at $126,000 after acquiring an additional 4,079 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after purchasing an additional 6,890 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock valued at $170,000 after purchasing an additional 8,004 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.