Mind Medicine (MindMed) Inc. [NASDAQ: MNMD] plunged by -$0.04 during the normal trading session on Friday and reaching a high of $13.407 during the day while it closed the day at $0.79. The company report on August 26, 2022 that MindMed Completes 1-for-15 Reverse Share Split.
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– Common shares will begin trading on a split-adjusted basis at market open on August 29, 2022 -.
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 previously announced 1-for-15 reverse share split of the Company’s common shares, par value $0.001, became effective after the close of markets on August 26, 2022, with trading expected to begin on a split-adjusted basis on the Nasdaq and the Neo Exchange Inc. (the “NEO”) at market open on August 29, 2022. The common shares will continue to trade under the symbols “MNMD” on the Nasdaq and “MMED” on the NEO but are assigned CUSIP number 60255C885 and ISIN number CA60255C8850 following the reverse share split.
Mind Medicine (MindMed) Inc. stock has also loss -6.66% of its value over the past 7 days. However, MNMD stock has declined by -0.95% in the 3 months of the year. Over the past six months meanwhile, it has lost -35.16% and lost -42.68% year-on date.
The market cap for MNMD stock reached $337.83 million, with 427.09 million shares outstanding and 376.34 million shares in the current float. Compared to the average trading volume of 9.93M shares, MNMD reached a trading volume of 17126269 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]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MNMD shares is $4.13 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MNMD stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Oppenheimer have made an estimate for Mind Medicine (MindMed) Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on August 26, 2022. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Overweight. The new note on the price target was released on August 10, 2022, representing the official price target for Mind Medicine (MindMed) Inc. stock. Previously, the target price had yet another raise to $7, while ROTH Capital analysts kept a Buy rating on MNMD stock.
The Average True Range (ATR) for Mind Medicine (MindMed) Inc. is set at 0.12 The Price to Book ratio for the last quarter was 2.71.
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 -6.66. With this latest performance, MNMD shares gained by 14.29% in over the last four-week period, additionally sinking by -35.16% over the last 6 months – not to mention a drop of -70.04% 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 52.76, with the RSI for the last a single of trading hit 51.78, and the three-weeks RSI is set at 52.44 for Mind Medicine (MindMed) Inc. [MNMD]. The present Moving Average for the last 50 days of trading for this stock 0.7060, while it was recorded at 0.8257 for the last single week of trading, and 1.1024 for the last 200 days.
Mind Medicine [MindMed] Inc. [MNMD]: Insider Ownership positions
There are presently around $18 million, or 6.25% 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 12.71% of the total institutional ownership; CITADEL ADVISORS LLC, holding 1,741,833 shares of the stock with an approximate value of $1.38 million in MNMD stocks shares; and DATA COLLECTIVE IV GP, LLC, currently with $1.19 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 79 institutional holders increased their position in Mind Medicine (MindMed) Inc. [NASDAQ:MNMD] by around 11,386,080 shares. Additionally, 94 investors decreased positions by around 35,195,626 shares, while 37 investors held positions by with 23,502,782 shares. The mentioned changes placed institutional holdings at 23,078,924 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 5,381,581 shares during the same period.