Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 3.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price fell 3.1% during mid-day trading on Wednesday . The company traded as low as $9.55 and last traded at $9.57. 223,976 shares traded hands during trading, a decline of 89% from the average session volume of 1,953,093 shares. The stock had previously closed at $9.88.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MNMD shares. HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Leerink Partnrs reiterated an “outperform” rating on shares of Mind Medicine (MindMed) in a report on Monday. Royal Bank of Canada increased their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, SVB Leerink started coverage on shares of Mind Medicine (MindMed) in a research report on Monday. They set an “outperform” rating and a $20.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Performance

The company has a fifty day simple moving average of $7.98 and a two-hundred day simple moving average of $4.92. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Analysts anticipate that Mind Medicine will post -1.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now directly owns 358,452 shares in the company, valued at $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares in the company, valued at $5,511,919. The disclosure for this sale can be found here. 2.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Large investors have recently modified their holdings of the stock. Royal Bank of Canada grew its stake in shares of Mind Medicine (MindMed) by 60.7% in the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after purchasing an additional 2,824 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $28,000. Regal Investment Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $46,000. Commonwealth Equity Services LLC bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $53,000. Finally, FMR LLC boosted its holdings in shares of Mind Medicine (MindMed) by 40.0% in the 3rd quarter. FMR LLC now owns 17,256 shares of the company’s stock worth $54,000 after acquiring an additional 4,928 shares in the last quarter. 27.91% of the stock is currently owned by institutional investors.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine for the treatment of core symptoms of autism spectrum disorder.