MIRA Pharmaceuticals (NASDAQ:MIRA) Shares Down 4% – Here’s Why

MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA)’s stock price fell 4% on Tuesday . The stock traded as low as $1.44 and last traded at $1.45. 1,475,059 shares changed hands during trading, a decline of 83% from the average session volume of 8,579,318 shares. The stock had previously closed at $1.51.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wall Street Zen upgraded MIRA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of MIRA Pharmaceuticals in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

MIRA Pharmaceuticals Price Performance

The firm has a 50 day moving average of $1.39 and a 200-day moving average of $1.31. The stock has a market capitalization of $27.65 million, a P/E ratio of -2.96 and a beta of 1.69.

MIRA Pharmaceuticals (NASDAQ:MIRA) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. As a group, equities analysts expect that MIRA Pharmaceuticals, Inc. will post -0.6 earnings per share for the current year.

Institutional Investors Weigh In On MIRA Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning bought a new position in MIRA Pharmaceuticals in the second quarter valued at approximately $27,000. XTX Topco Ltd bought a new stake in MIRA Pharmaceuticals in the second quarter valued at approximately $26,000. First American Bank boosted its position in MIRA Pharmaceuticals by 150.0% during the third quarter. First American Bank now owns 50,000 shares of the company’s stock worth $68,000 after purchasing an additional 30,000 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in MIRA Pharmaceuticals in the 2nd quarter valued at about $42,000. Institutional investors own 35.16% of the company’s stock.

MIRA Pharmaceuticals Company Profile

MIRA Pharmaceuticals, Inc operates as a pre-clinical-stage pharmaceutical development company with two neuroscience programs targeting a range of neurologic and neuropsychiatric disorders. The company holds exclusive U.S., Canadian, and Mexican rights for Ketamir-2, a patent pending oral ketamine analog under investigation to deliver ultra-rapid antidepressant effects for individuals battling treatment-resistant depression, major depressive disorder with suicidal ideation, and post-traumatic stress disorder.