Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 11.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price traded down 11.1% during mid-day trading on Monday . The stock traded as low as $7.18 and last traded at $7.21. 381,577 shares changed hands during trading, a decline of 77% from the average session volume of 1,643,892 shares. The stock had previously closed at $8.11.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MNMD. Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Baird R W raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. SVB Leerink started coverage on Mind Medicine (MindMed) in a research note on Monday, April 15th. They set an “outperform” rating and a $20.00 price target for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Nine equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and an average price target of $22.00.

Mind Medicine (MindMed) Price Performance

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 stock has a fifty day simple moving average of $7.86 and a 200-day simple moving average of $7.70. The stock has a market cap of $525.38 million, a price-to-earnings ratio of -2.61 and a beta of 2.58.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.06. As a group, equities research analysts expect that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,925 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the transaction, the insider now owns 351,527 shares in the company, valued at approximately $2,538,024.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Robert Barrow sold 15,659 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $113,057.98. Following the completion of the transaction, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,925 shares of the business’s 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 directly owns 351,527 shares in the company, valued at approximately $2,538,024.94. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently made changes to their positions in MNMD. SageView Advisory Group LLC acquired a new position in Mind Medicine (MindMed) in the first quarter worth about $25,000. Bailard Inc. acquired a new stake in Mind Medicine (MindMed) during the fourth quarter valued at approximately $63,000. Mitchell Mcleod Pugh & Williams Inc. bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter valued at approximately $73,000. Arizona State Retirement System acquired a new position in shares of Mind Medicine (MindMed) in the 2nd quarter worth approximately $114,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $131,000. 27.91% of the stock is 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.