Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3.5%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price traded down 3.5% on Monday . The company traded as low as $8.30 and last traded at $8.38. 300,626 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,929,916 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Royal Bank of Canada upped their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. SVB Leerink initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and an average target price of $25.20.

Mind Medicine (MindMed) Stock Down 0.6 %

The firm’s 50 day simple moving average is $8.07 and its 200 day simple moving average is $4.99. The company has a market cap of $606.43 million, a price-to-earnings ratio of -3.42 and a beta of 2.80. The company has a quick ratio of 3.22, a current 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Sell-side analysts anticipate that Mind Medicine will post -1.72 EPS for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

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

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently modified their holdings of MNMD. Scotia Capital Inc. bought a new stake in Mind Medicine (MindMed) in the 4th quarter valued at $441,000. Jump Financial LLC increased its stake in Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after buying an additional 2,826 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. acquired a new stake in Mind Medicine (MindMed) in the 4th quarter valued at $73,000. Bailard Inc. acquired a new stake in Mind Medicine (MindMed) in the 4th quarter valued at $63,000. Finally, Citigroup Inc. acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at $273,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.