Mind Medicine [MindMed] Inc. [MNMD] stock Initiated by Cantor Fitzgerald analyst, price target now $3

Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] surged by $0.07 during the normal trading session on Wednesday and reaching a high of $0.66 during the day while it closed the day at $0.65. The company report on August 4, 2022 that MindMed Board of Directors Approves Reverse Share Split.


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Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the “Company” or “MindMed”), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced that its Board of Directors has approved a ratio of 1-for-15 reverse share split of its common shares. As a result of the reverse share split, there will be approximately 28.4 million shares of common shares issued and outstanding1. Post reverse share split, the common shares will continue to trade under the symbols “MNMD” on the Nasdaq and “MMED” on the Neo Exchange Inc. but the common shares will be assigned a new CUSIP number.

The listed warrants will continue to trade on the Neo Exchange Inc. under the symbols “MMED.WA”, “MMED.WR” and “MMED.WS”, as applicable, but will be assigned new CUSIP numbers, respectively, following the reverse share split. The listed warrants will be adjusted to reflect the reverse share split pursuant to the terms of their respective indentures and certificates, as applicable. All options, restricted share units, performance share units and deferred share units of the Company outstanding immediately prior to the reverse share split will be adjusted to reflect the reverse share split in accordance with the terms of their respective plans, as applicable.

Mind Medicine (MindMed) Inc. stock has also loss -7.85% of its value over the past 7 days. However, MNMD stock has declined by -18.54% in the 3 months of the year. Over the past six months meanwhile, it has lost -45.24% and lost -52.78% year-on date.

The market cap for MNMD stock reached $274.20 million, with 420.74 million shares outstanding and 371.63 million shares in the current float. Compared to the average trading volume of 2.87M shares, MNMD reached a trading volume of 4968059 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Mind Medicine [MindMed] Inc. [MNMD]:

Cantor Fitzgerald have made an estimate for Mind Medicine (MindMed) Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on August 10, 2022. While these analysts kept the previous recommendation, ROTH Capital raised their target price to Buy. The new note on the price target was released on May 04, 2022, representing the official price target for Mind Medicine (MindMed) Inc. stock. Previously, the target price had yet another raise to $6, while Maxim Group analysts kept a Buy rating on MNMD stock.

The Average True Range (ATR) for Mind Medicine (MindMed) Inc. is set at 0.05 The Price to Book ratio for the last quarter was 1.65.

MNMD stock trade performance evaluation

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 -7.85. With this latest performance, MNMD shares dropped by -1.26% in over the last four-week period, additionally sinking by -45.24% over the last 6 months – not to mention a drop of -78.42% 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 46.06, with the RSI for the last a single of trading hit 47.33, and the three-weeks RSI is set at 45.38 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 0.7301, while it was recorded at 0.6281 for the last single week of trading, and 1.2108 for the last 200 days.

Mind Medicine [MindMed] Inc. [MNMD]: An insightful look at the core fundamentals

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

Mind Medicine [MindMed] Inc. [MNMD]: Insider Ownership positions

There are presently around $32 million, or 12.56% 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 12.80% of the total institutional ownership; STATE STREET CORP, holding 6,145,503 shares of the stock with an approximate value of $4.01 million in MNMD stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $1.84 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 85 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 4,586,681 shares. Additionally, 87 investors decreased positions by around 6,468,389 shares, while 38 investors held positions by with 37,415,329 shares. The mentioned changes placed institutional holdings at 48,470,399 shares, according to the latest SEC report filing. MNMD stock had 49 new institutional investments in for a total of 2,949,489 shares, while 43 institutional investors sold positions of 1,715,141 shares during the same period.

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