Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 5.4%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price fell 5.4% during mid-day trading on Monday . The company traded as low as $9.45 and last traded at $9.46. 649,861 shares changed hands during trading, a decline of 64% from the average session volume of 1,826,129 shares. The stock had previously closed at $10.00.

Wall Street Analyst Weigh In

Several analysts have recently commented on MNMD shares. Royal Bank of Canada raised their price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. They set an “outperform” rating and a $20.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Trading Down 7.8 %

The business’s 50 day moving average price is $8.93 and its 200-day moving average price is $5.42. The firm has a market cap of $647.87 million, a price-to-earnings ratio of -3.84 and a beta of 2.72. 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 the consensus estimate of ($0.48) by ($0.11). Equities analysts expect that Mind Medicine will post -1.72 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently modified their holdings of MNMD. Moloney Securities Asset Management LLC lifted its stake in Mind Medicine (MindMed) by 133.0% during the first quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock valued at $1,522,000 after buying an additional 92,450 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter worth approximately $168,000. Scotia Capital Inc. purchased a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $441,000. Jump Financial LLC raised its stake 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 purchasing an additional 2,826 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 $73,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

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.