Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 3.2% on Insider Selling

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price was down 3.2% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $10.10 and last traded at $10.10. Approximately 876,247 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 1,939,687 shares. The stock had previously closed at $10.43.

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

Analysts Set New Price Targets

A number of analysts recently weighed in on MNMD shares. Canaccord Genuity Group initiated coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, December 5th. They issued a “buy” rating and a $9.00 price objective on the stock. Royal Bank of Canada raised their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Finally, HC Wainwright restated a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $24.83.

Mind Medicine (MindMed) Trading Down 3.7 %

The firm’s 50-day moving average price is $5.99 and its two-hundred day moving average price is $4.23. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, equities research analysts predict that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its stake in Mind Medicine (MindMed) by 60.7% in the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after acquiring an additional 2,824 shares during the last quarter. Jump Financial LLC lifted its stake in Mind Medicine (MindMed) by 8.3% in the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after acquiring an additional 2,826 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Mind Medicine (MindMed) by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 191,874 shares of the company’s stock valued at $702,000 after acquiring an additional 3,338 shares during the last quarter. Northern Trust Corp lifted its stake in Mind Medicine (MindMed) by 6.2% in the second quarter. Northern Trust Corp now owns 62,032 shares of the company’s stock valued at $221,000 after acquiring an additional 3,641 shares during the last quarter. Finally, FMR LLC lifted its stake in Mind Medicine (MindMed) by 40.0% in the third quarter. FMR LLC now owns 17,256 shares of the company’s stock valued at $54,000 after acquiring an additional 4,928 shares during the last quarter. 27.91% of the stock is currently 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 for the treatment of core symptoms of autism spectrum disorder.