Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] stock went on a downward path that fall over -4.23% on Tuesday, amounting to a one-week price decrease of less than -13.19%. The company report on November 16, 2021 that MindMed Launches Study of Low-Dose LSD Effects on Sleep and Cognitive Measures.
– Mind Medicine (MindMed) Inc. (NASDAQ: MNMD; NEO: MMED; DE: MMQ; the “Company”), a leading biotech company developing psychedelic-inspired therapies, is pleased to announce it has launched recruitment for a randomized placebo-controlled study evaluating the effects of daytime and evening administration of repeated low doses of LSD (the “LSD Study”).
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Researchers will use digital measurement devices and software to measure the effects of microdoses of LSD on neuroplasticity markers such as BDNF plasma levels, as well as on various sleep measures, mood, cognitive performance, regulation of emotions, quality of life, and immune system response. The study will be conducted by Dr. Kim Kuypers of Maastricht University, a leading global authority on the use of low dose psychedelics.
Over the last 12 months, MNMD stock rose by 31.61%. The average equity rating for MNMD stock is currently 1.50, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $461.69 million, with 226.32 million shares outstanding. Compared to the average trading volume of 3.53M shares, MNMD stock reached a trading volume of 4532224 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Mind Medicine [MindMed] Inc. [MNMD]:
Maxim Group have made an estimate for Mind Medicine (MindMed) Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 28, 2021.
MNMD Stock Performance Analysis:
Mind Medicine (MindMed) Inc. [MNMD] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -13.19. With this latest performance, MNMD shares dropped by -15.35% in over the last four-week period, additionally sinking by -34.41% over the last 6 months – not to mention a rise of 31.61% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MNMD stock in for the last two-week period is set at 34.94, with the RSI for the last a single of trading hit 29.75, and the three-weeks RSI is set at 37.98 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 2.39, while it was recorded at 2.14 for the last single week of trading, and 2.96 for the last 200 days.
Insight into Mind Medicine [MindMed] Inc. Fundamentals:
Return on Total Capital for MNMD is now -75.43, given the latest momentum, and Return on Invested Capital for the company is -82.18. Return on Equity for this stock declined to -82.18, with Return on Assets sitting at -79.79.
Mind Medicine [MindMed] Inc. [MNMD] Insider Position Details
There are presently around $91 million, or 0.78% of MNMD stock, in the hands of institutional investors. The top three institutional holders of MNMD stocks are: BLACKROCK INC. with ownership of 16,681,997, which is approximately 6.36% of the company’s market cap and around 5.72% of the total institutional ownership; STATE STREET CORP, holding 5,634,088 shares of the stock with an approximate value of $11.49 million in MNMD stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $5.94 million in MNMD stock with ownership of nearly 7.409% of the company’s market capitalization.
Positions in Mind Medicine (MindMed) Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 97 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 9,113,231 shares. Additionally, 50 investors decreased positions by around 2,217,850 shares, while 45 investors held positions by with 33,176,698 shares. The mentioned changes placed institutional holdings at 44,507,779 shares, according to the latest SEC report filing. MNMD stock had 41 new institutional investments in for a total of 1,965,610 shares, while 17 institutional investors sold positions of 403,875 shares during the same period.