Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 5.3% – Here’s Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) dropped 5.3% on Tuesday . The stock traded as low as $9.33 and last traded at $9.37. Approximately 1,717,441 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 2,322,051 shares. The stock had previously closed at $9.89.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Chardan Capital assumed coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price for the company. Oppenheimer reissued an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Ten analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $26.33.

Mind Medicine (MindMed) Stock Down 14.0 %

The stock has a market capitalization of $624.04 million, a price-to-earnings ratio of -3.77 and a beta of 2.59. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The business has a fifty day moving average of $7.49 and a 200 day moving average of $6.90.

Insider Activity

In related news, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the sale, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock valued at $208,203 in the last quarter. Insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors have recently modified their holdings of the company. Diadema Partners LP purchased a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $33,000. Hollencrest Capital Management boosted its stake in shares of Mind Medicine (MindMed) by 10,833.3% in the fourth quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock valued at $50,000 after purchasing an additional 7,150 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $58,000. King Wealth Management Group purchased a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $70,000. Finally, Virtus ETF Advisers LLC acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $70,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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.