Is There More Upside Ahead For Mind Medicine Inc (NASDAQ: MNMD)

Mind Medicine Inc (MNMD) concluded trading on Wednesday at a closing price of $11.75, with 6.55 million shares of worth about $77.02 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 283.99% during that period and on April 3, 2024 the price saw a gain of about 19.29%. Currently the company’s common shares owned by public are about 41.10M shares, out of which, 26.94M shares are available for trading.

Stock saw a price change of 19.17% in past 5 days and over the past one month there was a price change of 88.30%. Year-to-date (YTD), MNMD shares are showing a performance of 221.04% which increased to 270.66% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $2.41 but also hit the highest price of $11.10 during that period. The average intraday trading volume for Mind Medicine Inc shares is 1.98 million. The stock is currently trading 30.29% above its 20-day simple moving average (SMA20), while that difference is up 85.71% for SMA50 and it goes to 175.07% higher than SMA200.

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Mind Medicine Inc (NASDAQ: MNMD) currently have 41.10M outstanding shares and institutions hold larger chunk of about 61.38% of that.

The stock has a current market capitalization of $330.88M and its 3Y-monthly beta is at -6.94. It has posted earnings per share of -$2.45 in the same period. It has Quick Ratio of 3.22 while making debt-to-equity ratio of 0.18. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for MNMD, volatility over the week remained 12.00% while standing at 14.27% over the month.

Analysts are in expectations that Mind Medicine Inc (MNMD) stock would likely to be making an EPS of -$0.42 in the current quarter, while forecast for next quarter EPS is -$0.37 and it is -$1.47 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.56 which is -$0.28 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.65 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 36.53% while it is estimated to increase by 5.07% in next year.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Canaccord Genuity on December 05, 2023 offering a Buy rating for the stock and assigned a target price of $9 to it. Coverage by ROTH Capital stated Mind Medicine Inc (MNMD) stock as a Buy in their note to investors on December 09, 2022, suggesting a price target of $25 for the stock. On November 16, 2022, RBC Capital Mkts Initiated their recommendations, while on August 26, 2022, Oppenheimer Initiated their ratings for the stock with a price target of $3.50. Stock get an Overweight rating from Cantor Fitzgerald on August 10, 2022.

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