Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells $46,074.64 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Daniel Karlin sold 6,836 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the transaction, the insider now directly owns 446,177 shares of the company’s stock, valued at $3,007,232.98. The trade was a 1.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Mind Medicine (MindMed) Price Performance

NASDAQ MNMD traded down $0.20 during mid-day trading on Wednesday, hitting $6.58. The stock had a trading volume of 1,384,819 shares, compared to its average volume of 1,421,332. The firm’s 50 day moving average is $7.29 and its 200 day moving average is $6.96. 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 stock has a market capitalization of $495.92 million, a price-to-earnings ratio of -2.91 and a beta of 2.57. Mind Medicine has a twelve month low of $5.03 and a twelve month high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same quarter last year, the business posted ($0.59) EPS. Equities research analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Mind Medicine (MindMed) by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 194,491 shares of the company’s stock valued at $1,354,000 after purchasing an additional 8,769 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Mind Medicine (MindMed) by 32.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company’s stock worth $94,000 after buying an additional 3,350 shares during the last quarter. AWM Investment Company Inc. increased its stake in shares of Mind Medicine (MindMed) by 39.9% in the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock worth $8,304,000 after acquiring an additional 340,162 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Mind Medicine (MindMed) by 20.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,044 shares of the company’s stock worth $592,000 after acquiring an additional 14,691 shares during the period. Finally, Woodline Partners LP boosted its position in shares of Mind Medicine (MindMed) by 0.3% during the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock valued at $6,996,000 after acquiring an additional 2,654 shares during the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MNMD. Chardan Capital started coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Evercore ISI assumed coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective on the stock. Robert W. Baird cut their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $25.11.

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.