Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Still a Buy?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped up prior to trading on Friday . The stock had previously closed at $8.65, but opened at $9.18. Mind Medicine (MindMed) shares last traded at $10.00, with a volume of 2,300,502 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They set a “buy” rating and a $20.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Ten equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and an average price target of $26.33.

Mind Medicine (MindMed) Stock Performance

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 business’s 50-day moving average is $7.41 and its 200-day moving average is $6.91. The company has a market capitalization of $725.23 million, a PE ratio of -4.38 and a beta of 2.59.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the transaction, the insider now owns 338,013 shares in the company, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock worth $208,203 in the last 90 days. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MNMD. Northern Trust Corp lifted its position in Mind Medicine (MindMed) by 12.6% in the 4th quarter. Northern Trust Corp now owns 684,836 shares of the company’s stock valued at $4,766,000 after acquiring an additional 76,559 shares in the last quarter. Virtus ETF Advisers LLC bought a new position in shares of Mind Medicine (MindMed) during the fourth quarter valued at $70,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Mind Medicine (MindMed) by 36.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,313 shares of the company’s stock valued at $218,000 after purchasing an additional 8,361 shares in the last quarter. Diadema Partners LP purchased a new stake in shares of Mind Medicine (MindMed) during the fourth quarter valued at $33,000. Finally, Sharpepoint LLC bought a new stake in Mind Medicine (MindMed) in the 4th quarter worth about $71,000. 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.