Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 3.2%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares dropped 3.2% during mid-day trading on Friday . The company traded as low as $9.60 and last traded at $9.92. Approximately 613,293 shares changed hands during trading, a decline of 69% from the average daily volume of 1,992,038 shares. The stock had previously closed at $10.25.

Wall Street Analyst Weigh In

MNMD has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Royal Bank of Canada lifted their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $24.83.

Mind Medicine (MindMed) Stock Down 5.7 %

The company has a market capitalization of $679.49 million, a P/E ratio of -3.95 and a beta of 2.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a 50 day moving average price of $7.55 and a 200 day moving average price of $4.76.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Equities research analysts forecast that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its holdings in Mind Medicine (MindMed) by 316.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 111,931 shares of the company’s stock valued at $410,000 after buying an additional 85,025 shares in the last quarter. Scotia Capital Inc. purchased a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $441,000. Jump Financial LLC grew its holdings in Mind Medicine (MindMed) by 8.3% during 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Mind Medicine (MindMed) by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 191,874 shares of the company’s stock worth $702,000 after purchasing an additional 3,338 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. purchased a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth about $73,000. Hedge funds and other institutional investors 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.