Short Interest in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Rises By 19.4%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) saw a large growth in short interest in December. As of December 31st, there was short interest totaling 15,054,621 shares, a growth of 19.4% from the December 15th total of 12,612,667 shares. Based on an average daily volume of 2,274,676 shares, the days-to-cover ratio is presently 6.6 days. Currently, 15.6% of the shares of the company are sold short. Currently, 15.6% of the shares of the company are sold short. Based on an average daily volume of 2,274,676 shares, the days-to-cover ratio is presently 6.6 days.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MNMD shares. Needham & Company LLC reissued a “buy” rating on shares of Mind Medicine (MindMed) in a report on Monday, January 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Wednesday, October 8th. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Chardan Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, November 19th. Finally, Jones Trading initiated coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, December 23rd. They set a “buy” rating and a $61.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Mind Medicine (MindMed) has an average rating of “Buy” and an average target price of $30.33.

Insider Activity

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 25,791 shares of the firm’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $13.15, for a total transaction of $339,151.65. Following the completion of the transaction, the chief executive officer owned 778,477 shares in the company, valued at $10,236,972.55. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark Sullivan sold 11,276 shares of the company’s stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $13.15, for a total value of $148,279.40. Following the completion of the sale, the insider owned 282,576 shares in the company, valued at approximately $3,715,874.40. This represents a 3.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 42,667 shares of company stock worth $561,071. Company insiders own 2.45% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its stake in Mind Medicine (MindMed) by 110.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after acquiring an additional 2,003 shares during the last quarter. BIT Capital GmbH bought a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at approximately $26,000. CWM LLC lifted its position in Mind Medicine (MindMed) by 67.4% during the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after buying an additional 1,796 shares in the last quarter. Fifth Third Bancorp raised its holdings in Mind Medicine (MindMed) by 5,593.2% during the third quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter valued at $46,000. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Trading Up 0.6%

Shares of MNMD traded up $0.09 on Tuesday, reaching $14.96. 2,053,792 shares of the company’s stock were exchanged, compared to its average volume of 2,191,259. The business has a 50 day moving average price of $12.83 and a two-hundred day moving average price of $11.23. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $15.29. The stock has a market capitalization of $1.47 billion, a P/E ratio of -7.33 and a beta of 2.57. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.31.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). Research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.