Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 4.3% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was down 4.3% during trading on Wednesday . The company traded as low as $13.43 and last traded at $13.4180. Approximately 377,113 shares were traded during trading, a decline of 77% from the average daily volume of 1,613,769 shares. The stock had previously closed at $14.02.

Wall Street Analyst Weigh In

MNMD has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Wednesday, October 8th. Needham & Company LLC set a $28.00 target price on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a report on Monday, October 13th. Lifesci Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th. Chardan Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, Royal Bank Of Canada cut their target price on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, November 7th. Three equities 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $30.33.

Mind Medicine (MindMed) Price Performance

The firm has a market cap of $1.32 billion, a P/E ratio of -6.58 and a beta of 2.57. The firm’s fifty day simple moving average is $12.34 and its 200 day simple moving average is $10.35. The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.30 and a current ratio of 3.30.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Nuveen LLC purchased a new stake in Mind Medicine (MindMed) during the first quarter worth $1,556,000. Wellington Management Group LLP raised its position in shares of Mind Medicine (MindMed) by 16.2% in the 1st quarter. Wellington Management Group LLP now owns 225,928 shares of the company’s stock worth $1,322,000 after acquiring an additional 31,437 shares in the last quarter. Rafferty Asset Management LLC purchased a new stake in shares of Mind Medicine (MindMed) during the 1st quarter worth $81,000. CreativeOne Wealth LLC bought a new stake in Mind Medicine (MindMed) during the first quarter valued at about $67,000. Finally, DRW Securities LLC bought a new stake in Mind Medicine (MindMed) during the first quarter valued at about $292,000. 27.91% of the stock is currently owned by institutional investors.

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.