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

Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] traded at a low on 08/19/22, posting a -16.92 loss after which it closed the day’ session at $0.85. The company report on August 12, 2022 that MindMed Strengthens Board with Appointment of Two New Independent Directors.

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Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the “Company”), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced the appointment of Dr. Suzanne Bruhn and Dr. Roger Crystal, effective August 11, 2022 as independent members of its Board of Directors.

“We are pleased to welcome both Dr. Bruhn and Dr. Crystal to our Board. Their collective life sciences experience will be invaluable as we advance through several key product development inflection points in the coming year and we look forward to their immediate contributions to our Company’s success,” said Robert Barrow, Chief Executive Officer and Director of MindMed.

The results of the trading session contributed to over 105382760 shares changing hands. Over the past one week, the price volatility of Mind Medicine (MindMed) Inc. stands at 22.71% while the volatility over the past one month is 11.07%.

The market cap for MNMD stock reached $356.54 million, with 420.74 million shares outstanding and 371.63 million shares in the current float. Compared to the average trading volume of 6.60M shares, MNMD reached a trading volume of 105382760 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]?

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 0.11 The Price to Book ratio for the last quarter was 2.15.

How has MNMD stock performed recently?

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 16.79. With this latest performance, MNMD shares gained by 11.57% in over the last four-week period, additionally sinking by -34.31% over the last 6 months – not to mention a drop of -68.26% 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 58.42, with the RSI for the last a single of trading hit 59.70, and the three-weeks RSI is set at 56.57 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 0.7034, while it was recorded at 0.7993 for the last single week of trading, and 1.1504 for the last 200 days.

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

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

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

There are presently around $20 million, or 12.56% of MNMD stock, in the hands of institutional investors. The top three institutional holders of MNMD stocks are: MILLENNIUM MANAGEMENT LLC with ownership of 5,075,110, which is approximately 1063.12% of the company’s market cap and around 12.80% of the total institutional ownership; CITADEL ADVISORS LLC, holding 1,741,833 shares of the stock with an approximate value of $1.48 million in MNMD stocks shares; and DATA COLLECTIVE IV GP, LLC, currently with $1.27 million in MNMD stock with ownership of nearly New 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 80 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 11,416,144 shares. Additionally, 93 investors decreased positions by around 35,108,459 shares, while 37 investors held positions by with 23,406,020 shares. The mentioned changes placed institutional holdings at 23,118,583 shares, according to the latest SEC report filing. MNMD stock had 52 new institutional investments in for a total of 5,483,629 shares, while 53 institutional investors sold positions of 5,334,073 shares during the same period.


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