Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3.7% – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price traded down 3.7% during mid-day trading on Friday . The stock traded as low as $7.20 and last traded at $7.26. 550,789 shares traded hands during trading, a decline of 35% from the average session volume of 853,884 shares. The stock had previously closed at $7.54.

Wall Street Analyst Weigh In

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

Mind Medicine (MindMed) Trading Down 4.8 %

The firm has a 50-day simple moving average of $7.33 and a 200-day simple moving average of $6.95. 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 stock has a market cap of $526.52 million, a PE ratio of -3.18 and a beta of 2.58.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,643 shares of the company’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 transaction of $49,357.49. Following the sale, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 completion of the sale, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,022 shares of company stock valued at $208,203. Corporate insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in shares of Mind Medicine (MindMed) by 472.7% during the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Mind Medicine (MindMed) in the 2nd quarter worth $131,000. Rhumbline Advisers purchased a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter valued at $679,000. Arizona State Retirement System bought a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter worth $114,000. Finally, AdvisorShares Investments LLC grew its position in Mind Medicine (MindMed) by 13.4% in the second quarter. AdvisorShares Investments LLC now owns 124,166 shares of the company’s stock worth $878,000 after acquiring an additional 14,659 shares in 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.