Short Interest in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Grows By 19.4%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totaling 15,054,621 shares, an increase of 19.4% from the December 15th total of 12,612,667 shares. Currently, 15.6% of the company’s stock are sold short. Based on an average daily trading volume, of 2,274,676 shares, the short-interest ratio is currently 6.6 days. Based on an average daily trading volume, of 2,274,676 shares, the short-interest ratio is currently 6.6 days. Currently, 15.6% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Royal Bank Of Canada dropped their target price on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. Canaccord Genuity Group lifted their price target on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Jones Trading began coverage on Mind Medicine (MindMed) in a research report on Tuesday, December 23rd. They set a “buy” rating and a $61.00 target price for the company. Finally, Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $30.33.

Insider Buying and Selling

In other news, insider Mark Sullivan sold 11,276 shares of the company’s stock in a transaction on Friday, December 26th. The shares were sold at an average price of $13.15, for a total value of $148,279.40. Following the completion of the sale, the insider owned 282,576 shares in the company, valued at $3,715,874.40. This represents a 3.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel Karlin sold 5,600 shares of the firm’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $13.15, for a total transaction of $73,640.00. Following the transaction, the insider directly owned 425,025 shares in the company, valued at $5,589,078.75. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 42,667 shares of company stock worth $561,071. 2.45% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its position in shares of Mind Medicine (MindMed) by 31.9% during the second quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock worth $22,204,000 after acquiring an additional 828,067 shares in the last quarter. Commodore Capital LP lifted its holdings in Mind Medicine (MindMed) by 10.5% during the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company’s stock worth $32,450,000 after purchasing an additional 475,000 shares in the last quarter. Orbimed Advisors LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $4,337,000. Rosalind Advisors Inc. boosted its stake in Mind Medicine (MindMed) by 78.6% in the 3rd quarter. Rosalind Advisors Inc. now owns 750,000 shares of the company’s stock worth $8,842,000 after purchasing an additional 330,000 shares during the period. Finally, Two Sigma Investments LP grew its holdings in Mind Medicine (MindMed) by 424.9% during the 3rd quarter. Two Sigma Investments LP now owns 296,443 shares of the company’s stock valued at $3,495,000 after buying an additional 239,965 shares in the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock opened at $14.96 on Wednesday. The business’s 50 day simple moving average is $12.88 and its 200 day simple moving average is $11.29. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $15.29. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -7.33 and a beta of 2.57. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.31.

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). Sell-side analysts forecast that Mind Medicine will post -1.35 EPS for the current year.

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.