MIRA Pharmaceuticals (NASDAQ:MIRA) Trading 3.3% Higher – Still a Buy?

Shares of MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) traded up 3.3% on Wednesday . The stock traded as high as $0.9799 and last traded at $0.9401. 47,243 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 60,912 shares. The stock had previously closed at $0.9101.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of MIRA Pharmaceuticals in a research note on Wednesday, June 24th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, MIRA Pharmaceuticals currently has an average rating of “Hold”.

MIRA Pharmaceuticals Stock Performance

The firm’s 50 day moving average is $0.97 and its 200-day moving average is $1.13. The firm has a market cap of $39.50 million, a price-to-earnings ratio of -0.72 and a beta of 1.48.

MIRA Pharmaceuticals (NASDAQ:MIRA) last posted its earnings results on Thursday, May 14th. The company reported ($0.03) EPS for the quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MIRA. Geode Capital Management LLC raised its stake in shares of MIRA Pharmaceuticals by 100.0% in the 4th quarter. Geode Capital Management LLC now owns 272,878 shares of the company’s stock valued at $412,000 after acquiring an additional 136,438 shares in the last quarter. First American Bank boosted its position in MIRA Pharmaceuticals by 20.0% during the fourth quarter. First American Bank now owns 60,000 shares of the company’s stock worth $91,000 after purchasing an additional 10,000 shares during the period. Two Sigma Investments LP boosted its position in MIRA Pharmaceuticals by 129.8% during the third quarter. Two Sigma Investments LP now owns 45,703 shares of the company’s stock worth $62,000 after purchasing an additional 25,816 shares during the period. Creative Planning acquired a new position in MIRA Pharmaceuticals during the second quarter valued at approximately $27,000. Finally, XTX Topco Ltd acquired a new position in MIRA Pharmaceuticals during the second quarter valued at approximately $26,000. Institutional investors and hedge funds own 35.16% of the company’s stock.

About MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc operates as a pre-clinical-stage pharmaceutical development company with two neuroscience programs targeting a range of neurologic and neuropsychiatric disorders. The company holds exclusive U.S., Canadian, and Mexican rights for Ketamir-2, a patent pending oral ketamine analog under investigation to deliver ultra-rapid antidepressant effects for individuals battling treatment-resistant depression, major depressive disorder with suicidal ideation, and post-traumatic stress disorder.