Mind Medicine (MindMed) (NASDAQ:MNMD) Sees Unusually-High Trading Volume – Still a Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) saw unusually-high trading volume on Tuesday . Approximately 1,361,776 shares changed hands during mid-day trading, a decline of 6% from the previous session’s volume of 1,443,402 shares.The stock last traded at $7.97 and had previously closed at $7.37.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MNMD shares. Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 target price on the stock. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. HC Wainwright reissued a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday. Finally, Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price target on the stock. Ten investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $26.33.

Mind Medicine (MindMed) Stock Up 8.5 %

The company has a market capitalization of $586.27 million, a PE ratio of -3.54 and a beta of 2.59. The business’s 50 day simple moving average is $7.26 and its 200 day simple moving average is $6.90. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. During the same period last year, the company posted ($0.53) earnings per share. As a group, analysts forecast that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,022 shares of company stock valued at $208,203 in the last quarter. Company insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $58,000. Foundations Investment Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $91,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at $108,000. Sanctuary Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $91,000. Finally, Stoneridge Investment Partners LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $93,000. Institutional investors and hedge funds 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.