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

26 Nov 2024, 15:30 by Kim Johansen · The Markets Daily

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Free Report)’s stock price 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.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MNMD shares. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 target price for the company. Canaccord Genuity Group cut their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. HC Wainwright reissued a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Finally, Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. 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 currently has an average rating of “Buy” and an average price target of $25.38.

Read Our Latest Analysis on Mind Medicine (MindMed)

Mind Medicine (MindMed) Price Performance

The stock’s 50 day simple moving average is $6.46 and its 200-day simple moving average is $7.10. The firm has a market cap of $587.37 million, a price-to-earnings ratio of -3.37 and a beta of 2.48. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Insider Activity

In other news, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The trade was a 3.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dan Karlin sold 6,871 shares of the 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 $41,088.58. Following the completion of the transaction, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 in the last three months. 2.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several large investors have recently modified their holdings of MNMD. Bridgewealth Advisory Group LLC purchased a new position in Mind Medicine (MindMed) during the second quarter worth about $72,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at approximately $58,000. Wealth Alliance purchased a new stake in Mind Medicine (MindMed) in the second quarter valued at approximately $79,000. Arizona State Retirement System acquired a new position in Mind Medicine (MindMed) during the second quarter worth $114,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of Mind Medicine (MindMed) during the third quarter worth $91,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

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