Mind Medicine [MindMed] Inc. [MNMD] is -44.93% lower this YTD. Is it still time to buy?


Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] gained 9.32% on the last trading session, reaching $0.76 price per share at the time. The company report on June 30, 2022 that MindMed Announces Completion of Share Redesignation.

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– Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) (NEO: MMED) (“MindMed” or the “Company”) announces that it has completed its previously announced redesignation of its subordinate voting shares as common shares (the “Common Shares”) of the Company. The Common Shares will be assigned CUSIP number 60255C802 and ISIN number CA60255C8025 following the redesignation. The Common Shares will begin trading on a post-Redesignation basis under the new CUSIP and ISIN numbers on the NEO Exchange and NASDAQ at market open on July 4, 2022 and July 5, 2022, respectively, under the existing trading symbols.

Mind Medicine (MindMed) Inc. represents 420.74 million in outstanding shares, while the company has a total market value of $319.76 million with the latest information. MNMD stock price has been found in the range of $0.6948 to $0.7757.

If compared to the average trading volume of 2.98M shares, MNMD reached a trading volume of 4250172 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 1.93.

Trading performance analysis for MNMD stock

Mind Medicine (MindMed) Inc. [MNMD] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 15.15. With this latest performance, MNMD shares gained by 7.28% in over the last four-week period, additionally sinking by -26.21% over the last 6 months – not to mention a drop of -76.10% 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 55.86, with the RSI for the last a single of trading hit 63.74, and the three-weeks RSI is set at 51.58 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 0.7610, while it was recorded at 0.7044 for the last single week of trading, and 1.3332 for the last 200 days.

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

There are presently around $37 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 $4.67 million in MNMD stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $2.15 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 August and at the time of the August reporting period, where 77 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 4,256,267 shares. Additionally, 84 investors decreased positions by around 6,009,447 shares, while 51 investors held positions by with 38,212,915 shares. The mentioned changes placed institutional holdings at 48,478,629 shares, according to the latest SEC report filing. MNMD stock had 40 new institutional investments in for a total of 2,346,353 shares, while 42 institutional investors sold positions of 1,397,390 shares during the same period.