Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 8.5% Following Insider Selling

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) fell 8.5% during trading on Friday after an insider sold shares in the company. The company traded as low as $6.98 and last traded at $6.98. 534,967 shares were traded during trading, a decline of 62% from the average session volume of 1,419,024 shares. The stock had previously closed at $7.63.

Specifically, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following 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 position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MNMD shares. Leerink Partners began coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. 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 report on Monday, September 16th. HC Wainwright reiterated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 target price for the company. Finally, Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Mind Medicine (MindMed) has a consensus rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Price Performance

The business’s 50 day moving average price is $7.25 and its 200-day moving average price is $6.97. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market cap of $501.59 million, a PE ratio of -3.03 and a beta of 2.58.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MNMD. Bank of New York Mellon Corp boosted its position in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after buying an additional 203,216 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after purchasing an additional 162,933 shares during the last quarter. Marshall Wace LLP grew its stake in Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after purchasing an additional 161,659 shares in the last quarter. Wellington Management Group LLP increased its holdings in Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after purchasing an additional 109,152 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Mind Medicine (MindMed) in the 2nd quarter valued at approximately $679,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.