Mind Medicine Inc [MNMD] Stock trading around $9.00 per share: What’s Next?

Mind Medicine Inc [NASDAQ: MNMD] gained 51.52% or 3.06 points to close at $9.00 with a heavy trading volume of 37909073 shares. The company report on March 7, 2024 at 7:13 AM that Mind Medicine (MindMed) Inc. Announces Pricing of Underwritten Offering of Common Shares and Concurrent Private Placement.

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) (Cboe Canada: MMED) (the “Company” or “MindMed”), a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders, today announced the pricing of an underwritten offering of 16,666,667 common shares, no par value per share, at an offering price of $6.00 per common share. In addition, the Company has entered into share purchase agreements for a concurrent private placement of 12,500,000 common shares at a price of $6.00 per common share. All of the common shares are being sold by MindMed. Gross proceeds to MindMed from the underwritten offering and concurrent private placement, before deducting underwriting commissions, placement agent fees and other offering-related expenses, are expected to be approximately $175 million.

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The private placement is with new investors Deep Track Capital and Commodore Capital. The underwritten offering includes participation from new investors Ally Bridge Group, Driehaus Capital Management, Great Point Partners, LLC, Janus Henderson Investors, Marshall Wace, Octagon Capital, Soleus Capital, Special Situations Funds, Woodline Partners LP and a leading biotechnology investor associated with one of the largest alternative asset managers.

The daily chart for MNMD points out that the company has recorded 119.51% gains over the past six months.

If we look at the average trading volume of 788.63K shares, MNMD reached to a volume of 37909073 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 Inc [MNMD]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MNMD shares is $26.17 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 1.00. 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.

Canaccord Genuity have made an estimate for Mind Medicine Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 05, 2023. 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 December 09, 2022, representing the official price target for Mind Medicine Inc stock. Previously, the target price had yet another raise to $5, while RBC Capital Mkts analysts kept a Outperform rating on MNMD stock.

The Average True Range (ATR) for Mind Medicine Inc is set at 0.78 The Price to Book ratio for the last quarter was 4.73, with the Price to Cash per share for the same quarter was set at 3.54.

Trading performance analysis for MNMD stock

Mind Medicine Inc [MNMD] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 57.48. With this latest performance, MNMD shares gained by 123.33% in over the last four-week period, additionally plugging by 119.51% over the last 6 months – not to mention a rise of 169.46% 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 84.69, with the RSI for the last a single of trading hit 88.23, and the three-weeks RSI is set at 81.54 for Mind Medicine Inc [MNMD]. The present Moving Average for the last 50 days of trading for this stock 4.46, while it was recorded at 6.67 for the last single week of trading, and 3.78 for the last 200 days.

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

Mind Medicine Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.22 and a Current Ratio set at 3.22.

Mind Medicine Inc [MNMD]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Mind Medicine Inc posted -0.65/share EPS, while the average EPS was predicted by analysts to be reported at -0.42/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -54.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MNMD.

An analysis of Institutional ownership at Mind Medicine Inc [MNMD]

The top three institutional holders of MNMD stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in MNMD stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in MNMD stock with ownership which is approximately 5.8325%.