Mind Medicine Inc (NASDAQ: MNMD)’s stock price has gone rise by 6.57 in comparison to its previous close of 7.61, however, the company has experienced a 12.64% increase in its stock price over the last five trading days. seekingalpha.com reported 2024-11-10 that Mind Medicine’s share price has responded very strongly to a third quarter update that contained very little new information. The market appears to have moved to a bullish stance following confirmation that clinical timelines have not been changed. With a key competitor recently running into difficulties, Mind Medicine may now be the favored play in the psychedelics sector.
Is It Worth Investing in Mind Medicine Inc (NASDAQ: MNMD) Right Now?
The stock has a 36-month beta value of 1.67. Opinions on the stock are mixed, with 6 analysts rating it as a “buy,” 4 as “overweight,” 0 as “hold,” and 0 as “sell.”
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The public float for MNMD is 27.25M, and at present, short sellers hold a 36.64% of that float. On November 27, 2024, the average trading volume of MNMD was 1.08M shares.
MNMD’s Market Performance
The stock of Mind Medicine Inc (MNMD) has seen a 12.64% increase in the past week, with a 21.95% rise in the past month, and a 38.28% gain in the past quarter. The volatility ratio for the week is 9.09%, and the volatility levels for the past 30 days are at 9.85% for MNMD. The simple moving average for the last 20 days is 10.05% for MNMD’s stock, with a simple moving average of 8.11% for the last 200 days.
Analysts’ Opinion of MNMD
Many brokerage firms have already submitted their reports for MNMD stocks, with Leerink Partners repeating the rating for MNMD by listing it as a “Outperform.” The predicted price for MNMD in the upcoming period, according to Leerink Partners is $20 based on the research report published on October 14, 2024 of the current year 2024.
ROTH MKM, on the other hand, stated in their research note that they expect to see MNMD reach a price target of $36. The rating they have provided for MNMD stocks is “Buy” according to the report published on July 24th, 2024.
Robert W. Baird gave a rating of “Outperform” to MNMD, setting the target price at $27 in the report published on May 29th of the current year.
MNMD Trading at 24.71% from the 50-Day Moving Average
After a stumble in the market that brought MNMD to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -33.63% of loss for the given period.
Volatility was left at 9.85%, however, over the last 30 days, the volatility rate increased by 9.09%, as shares surge +25.74% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +33.83% upper at present.
During the last 5 trading sessions, MNMD rose by +12.64%, which changed the moving average for the period of 200-days by +70.02% in comparison to the 20-day moving average, which settled at $7.37. In addition, Mind Medicine Inc saw 121.58% in overturn over a single year, with a tendency to cut further gains.
Insider Trading
Reports are indicating that there were more than several insider trading activities at MNMD starting from Sullivan, Mark, who proposed sale 4,430 shares at the price of $5.98 back on Sep 25 ’24. After this action, Sullivan, Mark now owns shares of Mind Medicine Inc, valued at $26,487 using the latest closing price.
Liao Carrie, the Chief Accounting Officer of Mind Medicine Inc, sale 2,352 shares at $5.98 during a trade that took place back on Sep 25 ’24, which means that Liao Carrie is holding 99,543 shares at $14,065 based on the most recent closing price.
Stock Fundamentals for MNMD
Current profitability levels for the company are sitting at:
- -19.36 for the present operating margin
- 0.73 for the gross margin
The net margin for Mind Medicine Inc stands at -20.22. The total capital return value is set at -0.33. Equity return is now at value -54.61, with -42.40 for asset returns.
Based on Mind Medicine Inc (MNMD), the company’s capital structure generated 0.08 points at debt to capital in total, while cash flow to debt ratio is standing at -3.02. The debt to equity ratio resting at 0.09. The interest coverage ratio of the stock is -57.57.
Currently, EBITDA for the company is -92.57 million with net debt to EBITDA at 2.86. When we switch over and look at the enterprise to sales, we see a ratio of 66.92. The liquidity ratio also appears to be rather interesting for investors as it stands at 9.00.
Conclusion
To sum up, Mind Medicine Inc (MNMD) has seen a better performance recently. Analysts have differing views on the stock, with some seeing it as a “buy” and others as a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
