Mind Medicine (MindMed) Target of Unusually Large Options Trading (NASDAQ:MNMD)

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was the recipient of unusually large options trading activity on Friday. Stock investors purchased 4,593 call options on the company. This represents an increase of approximately 180% compared to the typical daily volume of 1,638 call options.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD opened at $7.76 on Friday. The company has a fifty day moving average price of $6.32 and a 200-day moving average price of $7.23. The firm has a market cap of $559.85 million, a price-to-earnings ratio of -3.43 and a beta of 2.48. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 5.92. Mind Medicine has a 1 year low of $2.42 and a 1 year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). As a group, equities research analysts predict that Mind Medicine will post -1.25 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,994 shares of company stock worth $173,384. Company insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently modified their holdings of MNMD. Tri Locum Partners LP boosted its position in Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after purchasing an additional 2,459 shares during the last quarter. SageView Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth about $25,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock valued at $126,000 after buying an additional 4,079 shares during the period. Cubist Systematic Strategies LLC increased its holdings in Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after buying an additional 6,890 shares during the last quarter. Finally, State Street Corp raised its position in Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after acquiring an additional 9,782 shares during the period. 27.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Canaccord Genuity Group cut their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective for the company. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Roth Mkm initiated coverage on Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price on the stock. Finally, Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Nine equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.38.

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.