Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 3.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price traded down 3.1% during trading on Wednesday . The company traded as low as $9.55 and last traded at $9.57. 223,976 shares were traded during trading, a decline of 89% from the average session volume of 1,953,093 shares. The stock had previously closed at $9.88.

Analyst Upgrades and Downgrades

MNMD has been the subject of several recent research reports. Leerink Partnrs reissued an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday. Royal Bank of Canada increased their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. SVB Leerink assumed coverage on Mind Medicine (MindMed) in a report on Monday. They issued an “outperform” rating and a $20.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus target price of $25.20.

Mind Medicine (MindMed) Price Performance

The business’s 50 day moving average is $7.98 and its 200 day moving average is $4.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results 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). On average, sell-side analysts anticipate that Mind Medicine will post -1.72 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction that occurred 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 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 accessible through the SEC website. In related news, CEO Robert Barrow sold 16,519 shares of the business’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 sale, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at $5,511,919. The sale was disclosed in a filing with the SEC, which is available through 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 transaction, the insider now 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 corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MNMD. Goldman Sachs Group Inc. boosted its holdings in shares of Mind Medicine (MindMed) by 316.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 111,931 shares of the company’s stock valued at $410,000 after acquiring an additional 85,025 shares during the period. Scotia Capital Inc. acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth $441,000. Jump Financial LLC grew its position in Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after purchasing an additional 2,826 shares during the last quarter. Charles Schwab Investment Management Inc. increased 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 purchasing an additional 3,338 shares during the period. Finally, Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at about $73,000. Institutional investors and hedge funds 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.