Mind Medicine (MindMed) (NASDAQ:MNMD) Insider Mark Sullivan Sells 11,276 Shares of Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Mark Sullivan sold 11,276 shares of the business’s stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $13.15, for a total transaction of $148,279.40. Following the completion of the transaction, the insider owned 282,576 shares of the company’s stock, valued at approximately $3,715,874.40. The trade was a 3.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD opened at $13.46 on Tuesday. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -6.60 and a beta of 2.57. The business’s fifty day simple moving average is $12.33 and its two-hundred day simple moving average is $10.47. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $14.43. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.31.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). Research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MNMD has been the subject of several research reports. Jones Trading initiated coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, December 23rd. They set a “buy” rating and a $61.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Chardan Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, November 19th. Needham & Company LLC set a $28.00 target price on Mind Medicine (MindMed) and gave the company a “buy” rating in a report on Monday, October 13th. Finally, Canaccord Genuity Group raised their target price on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) has an average rating of “Buy” and a consensus price target of $30.33.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently bought and sold shares of MNMD. Marshall Wace LLP raised its stake in Mind Medicine (MindMed) by 31.9% during the 2nd quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock worth $22,204,000 after acquiring an additional 828,067 shares during the period. Wellington Management Group LLP raised its position in shares of Mind Medicine (MindMed) by 16.2% during the 1st quarter. Wellington Management Group LLP now owns 225,928 shares of the company’s stock valued at $1,322,000 after purchasing an additional 31,437 shares during the period. Geode Capital Management LLC lifted its stake in shares of Mind Medicine (MindMed) by 4.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,733,454 shares of the company’s stock valued at $11,252,000 after buying an additional 66,663 shares in the last quarter. Ally Bridge Group NY LLC boosted its holdings in Mind Medicine (MindMed) by 18.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company’s stock worth $2,282,000 after buying an additional 59,868 shares during the period. Finally, Persistent Asset Partners Ltd purchased a new stake in Mind Medicine (MindMed) in the 2nd quarter worth $238,000. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.