Mind Medicine [MindMed] Inc. [MNMD] fell -38.24% so far this year. What now?


Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] loss -3.91% or -0.04 points to close at $0.85 with a heavy trading volume of 2468781 shares. The company report on June 1, 2022 that Mindmed Announces Voting Results for Annual General and Special Meeting.

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Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the “Company” or “MindMed”), announces the voting results of the Company’s annual general and special meeting of shareholders held on June 1, 2022 (the “Meeting”).

It opened the trading session at $0.8938, the shares rose to $0.9014 and dropped to $0.845, the range by which the price of stock traded the whole day. The daily chart for MNMD points out that the company has recorded -57.60% loss over the past six months. However, it is still -21.43% lower than its most recent low trading price.

If we look at the average trading volume of 2.58M shares, MNMD reached to a volume of 2468781 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 0.07 The Price to Book ratio for the last quarter was 2.16.

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 -14.24. With this latest performance, MNMD shares gained by 6.54% in over the last four-week period, additionally sinking by -57.60% over the last 6 months – not to mention a drop of -76.46% 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 47.27, with the RSI for the last a single of trading hit 44.88, and the three-weeks RSI is set at 47.12 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 0.8909, while it was recorded at 0.9451 for the last single week of trading, and 1.5844 for the last 200 days.

Mind Medicine [MindMed] Inc. [MNMD]: A deeper dive into fundamental analysis

Return on Equity for this stock declined to -79.20, with Return on Assets sitting at -74.53.

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

There are presently around $43 million, or 13.45% of MNMD stock, in the hands of institutional investors. The top three institutional holders of MNMD stocks are: BLACKROCK INC. with ownership of 16,434,210, which is approximately -3.7% of the company’s market cap and around 12.49% of the total institutional ownership; STATE STREET CORP, holding 6,145,503 shares of the stock with an approximate value of $5.45 million in MNMD stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $2.5 million in MNMD stock with ownership of nearly -2.958% 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 66 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 4,093,575 shares. Additionally, 88 investors decreased positions by around 6,040,912 shares, while 52 investors held positions by with 38,158,582 shares. The mentioned changes placed institutional holdings at 48,293,069 shares, according to the latest SEC report filing. MNMD stock had 31 new institutional investments in for a total of 2,250,798 shares, while 46 institutional investors sold positions of 1,418,097 shares during the same period.