Mind Medicine [MindMed] Inc. [MNMD] Stock trading around $0.75 per share: What’s Next?


Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] loss -6.24% or -0.05 points to close at $0.75 with a heavy trading volume of 4994343 shares. The company report on May 11, 2022 that MindMed Collaborators Prof. Liechti and Dr. Holze Announce Positive Topline Data from Phase 2 Trial Evaluating LSD in Anxiety Disorders.

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– Results from the placebo-controlled investigator-initiated trial, conducted at the University Hospital Basel (UHB), demonstrate the significant, long-lasting beneficial effects of LSD and potential to safely mitigate symptoms of anxiety and depression -.

– Data further validates MindMed’s therapeutic approach and supports the clinical development of MM-120 for the treatment of Generalized Anxiety Disorder -.

It opened the trading session at $0.8068, the shares rose to $0.8198 and dropped to $0.72, the range by which the price of stock traded the whole day. The daily chart for MNMD points out that the company has recorded -70.00% loss over the past six months. However, it is still 5.06% higher than its most recent low trading price.

If we look at the average trading volume of 2.77M shares, MNMD reached to a volume of 4994343 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Mind Medicine [MindMed] Inc. [MNMD]:

ROTH Capital have made an estimate for Mind Medicine (MindMed) Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 04, 2022. While these analysts kept the previous recommendation, Maxim Group raised their target price to Buy. The new note on the price target was released on June 28, 2021, representing the official price target for Mind Medicine (MindMed) Inc. stock.

The Average True Range (ATR) for Mind Medicine (MindMed) Inc. is set at 0.06 The Price to Book ratio for the last quarter was 1.90.

Trading performance analysis for MNMD stock

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 -18.47. With this latest performance, MNMD shares dropped by -22.62% in over the last four-week period, additionally sinking by -70.00% over the last 6 months – not to mention a drop of -74.31% 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 33.69, with the RSI for the last a single of trading hit 30.39, and the three-weeks RSI is set at 36.37 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 0.9963, while it was recorded at 0.8087 for the last single week of trading, and 1.7941 for the last 200 days.

An analysis of insider ownership at Mind Medicine [MindMed] Inc. [MNMD]

There are presently around $42 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 17,065,574, which is approximately 2.299% of the company’s market cap and around 15.72% of the total institutional ownership; STATE STREET CORP, holding 5,728,738 shares of the stock with an approximate value of $4.58 million in MNMD stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $2.33 million in MNMD stock with ownership of nearly -0.148% of the company’s market capitalization.

Positions in Mind Medicine (MindMed) Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 81 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 9,906,427 shares. Additionally, 74 investors decreased positions by around 2,366,081 shares, while 50 investors held positions by with 39,908,014 shares. The mentioned changes placed institutional holdings at 52,180,522 shares, according to the latest SEC report filing. MNMD stock had 31 new institutional investments in for a total of 2,830,108 shares, while 43 institutional investors sold positions of 771,292 shares during the same period.