Investors Buy Large Volume of Mind Medicine (MindMed) Call Options (NASDAQ:MNMD)

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) saw some unusual options trading on Friday. Investors acquired 4,593 call options on the stock. This represents an increase of 180% compared to the typical volume of 1,638 call options.

Wall Street Analyst Weigh In

MNMD has been the topic of several analyst reports. Roth Mkm began 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. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $25.38.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the business’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 value of $41,088.58. Following the completion of the sale, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the company’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 $118,230.58. Following the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,994 shares of company stock worth $173,384. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. SageView Advisory Group LLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $25,000. Blackstone Inc. purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at $11,749,000. Janus Henderson Group PLC bought a new position in Mind Medicine (MindMed) in the 1st quarter worth $8,964,000. AWM Investment Company Inc. purchased a new stake in Mind Medicine (MindMed) in the 1st quarter worth $7,830,000. Finally, Tidal Investments LLC bought a new stake in Mind Medicine (MindMed) during the first quarter valued at about $1,698,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD opened at $7.76 on Friday. The business has a fifty day moving average price of $6.32 and a 200-day moving average price of $7.21. Mind Medicine has a one year low of $2.42 and a one year high of $12.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.92 and a current ratio of 9.00.

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.