Market Analysts see Mind Medicine [MindMed] Inc. [MNMD] gaining to $6. Time to buy?



Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] traded at a low on 01/13/22, posting a -5.79 loss after which it closed the day’ session at $1.14. The company report on January 7, 2022 that Stephen Hurst Resigns from MindMed Board of Directors.

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (DE: MMQ) (the “Company”), a leading biotech company developing psychedelic-derived therapies, announces the resignation of Stephen Hurst from his role as a Director of the Company’s Board of Directors.

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“On behalf of MindMed, the Board of Directors, and the Executive team, I thank Steve for his significant contributions and strategic guidance in bringing the Company to this stage of development,” said Robert Barrow, Chief Executive Officer and Director of MindMed. “The co-founders and early leadership of MindMed have been instrumental in establishing the Company and its strong foundation. Their work, vision, and the programs that they initiated will continue to serve as the basis for our execution of the Company’s mission. As we approach important milestones across our clinical development programs, we are extremely grateful for Steve’s effort to enable this progress.”.

The results of the trading session contributed to over 2921161 shares changing hands. Over the past one week, the price volatility of Mind Medicine (MindMed) Inc. stands at 8.60% while the volatility over the past one month is 8.41%.

The market cap for MNMD stock reached $479.64 million, with 420.74 million shares outstanding and 371.01 million shares in the current float. Compared to the average trading volume of 4.05M shares, MNMD reached a trading volume of 2921161 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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.

The Average True Range (ATR) for Mind Medicine (MindMed) Inc. is set at 0.13 The Price to Book ratio for the last quarter was 2.89.

How has MNMD stock performed recently?

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 -8.80. With this latest performance, MNMD shares dropped by -30.06% in over the last four-week period, additionally sinking by -64.04% over the last 6 months – not to mention a drop of -63.52% 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 27.50, with the RSI for the last a single of trading hit 24.50, and the three-weeks RSI is set at 30.11 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 1.8667, while it was recorded at 1.2020 for the last single week of trading, and 2.6957 for the last 200 days.

Mind Medicine [MindMed] Inc. [MNMD]: Deeper insight into the 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.

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Insider trade positions for Mind Medicine [MindMed] Inc. [MNMD]

There are presently around $51 million, or 10.98% 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 15.72% of the total institutional ownership; STATE STREET CORP, holding 5,634,088 shares of the stock with an approximate value of $6.42 million in MNMD stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $3.32 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 March and at the time of the March reporting period, where 94 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 9,103,487 shares. Additionally, 52 investors decreased positions by around 2,186,094 shares, while 46 investors held positions by with 33,226,154 shares. The mentioned changes placed institutional holdings at 44,515,735 shares, according to the latest SEC report filing. MNMD stock had 38 new institutional investments in for a total of 1,942,766 shares, while 19 institutional investors sold positions of 407,919 shares during the same period.