Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3.7% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price traded down 3.7% on Friday . The stock traded as low as $7.20 and last traded at $7.26. 550,789 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 853,884 shares. The stock had previously closed at $7.54.

Analyst Ratings Changes

A number of research firms have commented on MNMD. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price target on the stock. Oppenheimer reissued an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Finally, Leerink Partners assumed coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price target for the company. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Price Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The stock has a 50-day simple moving average of $7.31 and a 200 day simple moving average of $6.95. The company has a market cap of $530.19 million, a P/E ratio of -3.20 and a beta of 2.58.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the sale, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,022 shares of company stock worth $208,203 over the last three months. 2.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its position in Mind Medicine (MindMed) by 472.7% during the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares during the period. Barclays PLC grew its stake in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares during the period. Wellington Management Group LLP raised its stake in Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after purchasing an additional 109,152 shares during the period. Geode Capital Management LLC increased its stake in Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in Mind Medicine (MindMed) during the second quarter valued at $679,000. 27.91% of the stock is owned by institutional investors.

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.