Mind Medicine Inc (MNMD) started the day with a notable gap-up, opening at $12.20, surpassing its previous close of $11.75. As of the latest update, Mind Medicine shares are trading at:
- Index: MNMD – Mind Medicine (MindMed) Inc.
- Quote: $11.341
- Change: -0.409
- % Change: -3.4808545%
- Volume: 2286508
- Avg Analyst Rating: 1.9 – Buy
- Book Value: 1.901
Wall Street Analysts Optimistic About MNMD
Several research firms have expressed bullish sentiments regarding MNMD. HC Wainwright reaffirmed a “buy” rating with a price target of $75.00, while Royal Bank of Canada raised their price target from $14.00 to $15.00, assigning an “outperform” rating. Market sentiment is largely positive, with six investment analysts giving MNMD a buy rating. The consensus target price, according to MarketBeat.com, stands at $24.83.
Mind Medicine Shares Performance Overview
With a market capitalization of $802.48 million, MNMD boasts a price-to-earnings ratio of -4.66 and a beta of 2.81. The company exhibits a debt-to-equity ratio of 0.18, along with healthy quick and current ratios of 3.22 each. The fifty-day simple moving average is $6.63, while the two-hundred day simple moving average is $4.43.
Mind Medicine Earnings Report
Mind Medicine (MindMed) recently disclosed its quarterly earnings, reporting an EPS of ($0.59) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Analysts predict a negative EPS of -1.7 for the current fiscal year.
Insider Trading Activity
CEO Robert Barrow and insider Dan Karlin recently made significant transactions involving MNMD shares. Barrow sold 16,519 shares, while Karlin sold 6,578 shares, both at an average price of $9.50. Following these transactions, Barrow holds 580,202 shares valued at $5,511,919, while Karlin owns 358,452 shares valued at $3,405,294.
Hedge Funds’ Involvement with Mind Medicine
Hedge funds have been active in adjusting their positions in Mind Medicine. Notably, Royal Bank of Canada increased its position by 60.7% in the second quarter, while Qube Research & Technologies Ltd and Virtu Financial LLC initiated new positions in the third and first quarters, respectively. Overall, institutional investors and hedge funds own 27.91% of MNMD’s stock.
The positive sentiments from Wall Street analysts, coupled with the strong opening of Mind Medicine shares, indicate investor confidence in the company’s growth prospects and potential.
