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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped up prior to trading on Friday . The stock had previously closed at $8.39, but opened at $9.00. Mind Medicine (MindMed) shares last traded at $8.80, with a volume of 1,054,012 shares traded.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective on the stock. Roth Mkm began coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price for the company. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Finally, Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $25.38.

Mind Medicine (MindMed) Stock Performance

The firm’s 50 day moving average is $6.32 and its 200 day moving average is $7.21. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.92 and a current ratio of 9.00. The stock has a market cap of $559.85 million, a P/E ratio of -3.43 and a beta of 2.48.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,994 shares of company stock worth $173,384. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in Mind Medicine (MindMed) by 472.7% in the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares during the period. Tidal Investments LLC purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at approximately $1,698,000. Rhumbline Advisers acquired a new stake in Mind Medicine (MindMed) in the 2nd quarter valued at $679,000. Janus Henderson Group PLC purchased a new stake in Mind Medicine (MindMed) in the 1st quarter worth $8,964,000. Finally, Marshall Wace LLP raised its position in Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after acquiring an additional 161,659 shares during the period. 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.