Robert Barrow Sells 19,106 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Mind Medicine (MindMed) Trading Down 10.4 %

Shares of MNMD opened at $6.84 on Monday. The stock has a market cap of $501.59 million, a PE ratio of -3.03 and a beta of 2.58. The stock has a 50 day simple moving average of $7.25 and a 200-day simple moving average of $6.97. Mind Medicine has a 1 year low of $3.49 and a 1 year high of $12.22. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter valued at $58,000. Bridgewealth Advisory Group LLC bought a new stake in Mind Medicine (MindMed) during the 2nd quarter worth about $72,000. Wealth Alliance acquired a new stake in Mind Medicine (MindMed) in the 2nd quarter valued at about $79,000. Sanctuary Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter worth about $91,000. Finally, SG Americas Securities LLC acquired a new position in shares of Mind Medicine (MindMed) during the third quarter worth approximately $93,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on MNMD. Canaccord Genuity Group dropped their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They set a “buy” rating and a $20.00 price objective on the stock. Oppenheimer reiterated an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Finally, Leerink Partners began coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective for the company. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $26.75.

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.