Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Down – Should You Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $7.32, but opened at $7.15. Mind Medicine (MindMed) shares last traded at $7.10, with a volume of 78,641 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MNMD shares. 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 target price for the company. Oppenheimer reiterated an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Canaccord Genuity Group cut their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Finally, Chardan Capital began 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. Nine analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus price target of $26.75.

Mind Medicine (MindMed) Trading Up 1.8 %

The company has a market capitalization of $546.32 million, a price-to-earnings ratio of -3.30 and a beta of 2.58. 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 simple moving average is $7.22 and its 200-day simple moving average is $6.98.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several large investors have recently bought and sold shares of the business. Marshall Wace LLP raised its position in shares of Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after acquiring an additional 161,659 shares during the last quarter. State Street Corp lifted its stake in Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after buying an additional 9,782 shares during the period. Geode Capital Management LLC boosted its holdings in Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Mind Medicine (MindMed) by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after buying an additional 46,187 shares during the period. Finally, Tri Locum Partners LP grew its position in shares of Mind Medicine (MindMed) by 0.6% during the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after buying an additional 2,459 shares during the period. 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.