Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3% – Should You Sell?

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) traded down 3% during mid-day trading on Friday . The stock traded as low as $7.96 and last traded at $8.01. 188,177 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,445,129 shares. The stock had previously closed at $8.26.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MNMD. HC Wainwright reissued a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Canaccord Genuity Group cut their price objective on 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. Finally, Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 target price for the company. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $25.38.

Mind Medicine (MindMed) Stock Down 2.5 %

The firm’s 50-day moving average price is $6.55 and its two-hundred day moving average price is $7.10. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling

In related news, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. This trade 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 this link. Also, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the transaction, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock worth $173,384 in the last ninety days. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MNMD. Bridgewealth Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter worth $72,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at about $58,000. Wealth Alliance purchased a new stake in Mind Medicine (MindMed) during the second quarter worth about $79,000. Arizona State Retirement System purchased a new stake in Mind Medicine (MindMed) during the second quarter worth about $114,000. Finally, Sanctuary Advisors LLC acquired a new position in Mind Medicine (MindMed) during the third quarter worth about $91,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.