Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Down to $7.25

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares gapped down prior to trading on Friday . The stock had previously closed at $7.25, but opened at $7.03. Mind Medicine (MindMed) shares last traded at $7.27, with a volume of 373,761 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price on the stock. Baird R W raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. HC Wainwright reissued a “buy” rating and issued a $35.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, May 24th. Oppenheimer reissued an “outperform” rating and issued a $20.00 price target (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research report on Monday, May 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 price target on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $20.00.

Mind Medicine (MindMed) Stock Down 0.6 %

The stock’s fifty day moving average is $8.33 and its two-hundred day moving average is $6.82. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07. The firm has a market cap of $506.65 million, a P/E ratio of -2.45 and a beta of 2.64.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.06. As a group, research analysts anticipate that Mind Medicine will post -1.36 earnings per share for the current year.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the sale, the insider now owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Robert Barrow sold 15,659 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the completion of the sale, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Dan Karlin sold 6,925 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Blackstone Inc. bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at about $11,749,000. Janus Henderson Group PLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at about $8,964,000. AWM Investment Company Inc. bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at about $7,830,000. Tidal Investments LLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at about $1,698,000. Finally, Moloney Securities Asset Management LLC boosted its holdings in shares of Mind Medicine (MindMed) by 133.0% in the first quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock worth $1,522,000 after buying an additional 92,450 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.