Mind Medicine (MindMed) (NASDAQ:MNMD) Reaches New 52-Week High – Time to Buy?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $14.81 and last traded at $13.6060, with a volume of 1370810 shares. The stock had previously closed at $13.64.

Analysts Set New Price Targets

A number of analysts recently issued reports on MNMD shares. Needham & Company LLC reaffirmed a “buy” rating on shares of Mind Medicine (MindMed) in a research report on Monday. Canaccord Genuity Group boosted their price target on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Chardan Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, November 19th. Royal Bank Of Canada cut their price target on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Finally, Jones Trading initiated coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 23rd. They set a “buy” rating and a $61.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $30.33.

Mind Medicine (MindMed) Trading Up 3.8%

The company has a market cap of $1.38 billion, a price-to-earnings ratio of -6.88 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. The business’s 50 day moving average price is $12.43 and its 200-day moving average price is $10.74.

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

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 5,600 shares of the company’s stock in a transaction on Friday, December 26th. The stock was sold at an average price of $13.15, for a total value of $73,640.00. Following the transaction, the insider directly owned 425,025 shares of the company’s stock, valued at $5,589,078.75. This represents a 1.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mark Sullivan sold 11,276 shares of the stock in a transaction on Friday, December 26th. The stock was sold at an average price of $13.15, for a total value of $148,279.40. Following the transaction, the insider owned 282,576 shares in the company, valued at $3,715,874.40. The trade was a 3.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 42,667 shares of company stock worth $561,071 in the last ninety days. 2.45% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently added to or reduced their stakes in MNMD. Russell Investments Group Ltd. grew its holdings in shares of 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 purchasing an additional 2,003 shares in the last quarter. BIT Capital GmbH acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $26,000. CWM LLC raised its position in shares of Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after buying an additional 1,796 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Mind Medicine (MindMed) by 5,593.2% during the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after acquiring an additional 3,300 shares during the period. Finally, Sound Income Strategies LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $46,000. Institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Company Profile

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.