Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Up – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $8.65, but opened at $9.18. Mind Medicine (MindMed) shares last traded at $10.00, with a volume of 2,300,502 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MNMD shares. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Oppenheimer reissued an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, Chardan Capital began coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company. Ten investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $26.33.

Mind Medicine (MindMed) Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The stock has a market capitalization of $717.46 million, a P/E ratio of -4.37 and a beta of 2.59. The company’s 50 day simple moving average is $7.36 and its two-hundred day simple moving average is $6.91.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,643 shares of the 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 completion of the sale, the insider now owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,022 shares of company stock worth $208,203. Corporate insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its stake in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after buying an additional 91,271 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Mind Medicine (MindMed) by 10.8% during the 3rd 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. SG Americas Securities LLC raised its stake in Mind Medicine (MindMed) by 48.8% in the 4th quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock worth $170,000 after purchasing an additional 8,004 shares in the last quarter. Finally, State Street Corp boosted its holdings in Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares during the period. 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.