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Bullish Or Bearish For Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) In 2023

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares, rose in value on Friday, May 26, with the stock price up by 5.52% to the previous day’s close as strong demand from buyers drove the stock to $3.54.

Actively observing the price movement in the last trading, the stock closed the session at $3.35, falling within a range of $3.31 and $3.58. The value of beta (5-year monthly) was 2.15. Referring to stock’s 52-week performance, its high was $19.95, and the low was $2.12. On the whole, MNMD has fluctuated by -4.97% over the past month.

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With the market capitalization of Mind Medicine (MindMed) Inc. currently standing at about $136.43 million, investors are eagerly awaiting this quarter’s results, scheduled for Aug 09, 2023 – Aug 14, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.54, which is expected to increase to -$0.5 for fiscal year -$2.17 and then to about -$1.84 by fiscal year 2024. Data indicates that the EPS growth is expected to be -17.90% in 2024, while the next year’s EPS growth is forecast to be 15.20%.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that MNMD’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of MNMD currently trading nearly 4.22% and 7.94% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 55.84, while the 7-day volatility ratio is showing 6.49% which for the 30-day chart, stands at 5.27%. Furthermore, Mind Medicine (MindMed) Inc. (MNMD)’s average true range (ATR) is 0.20.

Data on historical trading for Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) indicates that the trading volumes over the past 10 days have averaged 0.34 million and over the past 3 months, they’ve averaged 394.42K. According to company’s latest data on outstanding shares, there are 38.60 million shares outstanding.

Nearly 14.72% of Mind Medicine (MindMed) Inc.’s shares belong to company insiders and institutional investors own 13.62% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 2.84 million shares as on May 14, 2023, resulting in a short ratio of 6.29. According to the data, the short interest in Mind Medicine (MindMed) Inc. (MNMD) stood at 7.37% of shares outstanding as of May 14, 2023; the number of short shares registered in Apr 13, 2023 reached 2.63 million. The stock has risen by 60.68% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MNMD stock heading into the next quarter.

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