Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 5.3% – Time to Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price traded down 5.3% on Tuesday . The company traded as low as $9.33 and last traded at $9.37. 1,717,441 shares were traded during mid-day trading, a decline of 26% from the average session volume of 2,322,051 shares. The stock had previously closed at $9.89.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Chardan Capital began coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Ten research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $26.33.

Mind Medicine (MindMed) Stock Performance

The firm’s fifty day simple moving average is $7.49 and its 200 day simple moving average is $6.90. The company has a market capitalization of $624.04 million, a PE ratio of -3.77 and a beta of 2.59. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) 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 transaction, the insider now directly owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock worth $208,203 over the last quarter. 2.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC raised its stake in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after buying an additional 91,271 shares during the period. Wellington Management Group LLP raised its position in Mind Medicine (MindMed) by 142.6% during the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after acquiring an additional 109,152 shares during the period. Geode Capital Management LLC raised its position in Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the period. SG Americas Securities LLC lifted its holdings in Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock valued at $170,000 after purchasing an additional 8,004 shares in the last quarter. Finally, State Street Corp grew its position in shares of Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares during the period. 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.