Shares of Mind Medicine (MindMed) Inc. (MNMD) surged 6.27% on Thursday, November 8th, driven by the company's better-than-expected quarterly results and positive analyst actions raising price targets and ratings.

MindMed reported a quarterly adjusted loss of $0.27 per share for the quarter ended September 30, narrower than the $0.28 per share loss expected by analysts. The company's reported EPS was a loss of $0.27, and it posted a quarterly net loss of $13.68 million, which was an improvement over the same period last year.

Following the earnings release, analysts at Canaccord raised their price target on MindMed to $16 from $14, maintaining a Buy rating on the shares. Additionally, RBC also boosted its price target on the stock to $21 from $20. The bullish analyst actions and MindMed's upbeat quarterly performance appear to have fueled the stock's sharp rise on Thursday.