Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 3.2%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) fell 3.2% during trading on Friday . The stock traded as low as $9.60 and last traded at $9.92. 613,293 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 1,992,038 shares. The stock had previously closed at $10.25.

Analysts Set New Price Targets

Several analysts recently issued reports on MNMD shares. Royal Bank of Canada lifted their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $24.83.

Mind Medicine (MindMed) Trading Down 5.7 %

The stock has a market cap of $679.49 million, a PE ratio of -3.95 and a beta of 2.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a fifty day moving average price of $7.55 and a 200 day moving average price of $4.76.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Equities analysts expect that Mind Medicine will post -1.7 EPS for the current year.

Insider Activity at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the transaction, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of large investors have recently bought and sold shares of the business. Swiss National Bank raised its position in Mind Medicine (MindMed) by 23.1% during the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock valued at $1,079,000 after purchasing an additional 178,300 shares in the last quarter. JPMorgan Chase & Co. raised its position in Mind Medicine (MindMed) by 12.4% during the 1st quarter. JPMorgan Chase & Co. now owns 151,310 shares of the company’s stock valued at $168,000 after purchasing an additional 16,666 shares in the last quarter. Bank of New York Mellon Corp raised its position in Mind Medicine (MindMed) by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock valued at $1,039,000 after purchasing an additional 16,746 shares in the last quarter. HighTower Advisors LLC raised its position in Mind Medicine (MindMed) by 77.2% during the 1st quarter. HighTower Advisors LLC now owns 104,975 shares of the company’s stock valued at $119,000 after purchasing an additional 45,747 shares in the last quarter. Finally, Penserra Capital Management LLC raised its position in Mind Medicine (MindMed) by 98.6% during the 1st quarter. Penserra Capital Management LLC now owns 480,853 shares of the company’s stock valued at $442,000 after purchasing an additional 238,737 shares in the last quarter. 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 for the treatment of core symptoms of autism spectrum disorder.