Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Sells $118,230.58 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Robert Barrow also recently made the following trade(s):

• On Monday, August 19th, Robert Barrow acquired 500 shares of Mind Medicine (MindMed) stock. The shares were purchased at an average cost of $6.31 per share, with a total value of $3,155.00.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD opened at $5.85 on Friday. The firm’s 50-day moving average price is $6.81 and its 200-day moving average price is $7.99. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The company has a market cap of $420.45 million, a PE ratio of -1.99 and a beta of 2.53. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, analysts anticipate that Mind Medicine will post -1.27 EPS for the current year.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares during the period. Tidal Investments LLC bought a new stake in Mind Medicine (MindMed) during the first quarter valued at approximately $1,698,000. Jump Financial LLC increased its holdings in Mind Medicine (MindMed) by 8.3% during the fourth 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. Janus Henderson Group PLC bought a new position in Mind Medicine (MindMed) in the first quarter worth approximately $8,964,000. Finally, Rhumbline Advisers purchased a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth $679,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MNMD. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Roth Mkm started coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Finally, HC Wainwright lifted their price target on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Company Profile

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.