Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells 6,836 Shares of Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Daniel Karlin sold 6,836 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the sale, the insider now directly owns 446,177 shares in the company, valued at $3,007,232.98. This trade represents a 1.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Mind Medicine (MindMed) Trading Down 2.9 %

NASDAQ MNMD traded down $0.20 on Wednesday, hitting $6.58. 1,384,819 shares of the stock were exchanged, compared to its average volume of 1,421,332. The firm has a market capitalization of $495.92 million, a P/E ratio of -2.91 and a beta of 2.57. Mind Medicine has a 52-week low of $5.03 and a 52-week high of $12.22. The stock has a fifty day moving average price of $7.29 and a two-hundred day moving average price of $6.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same period last year, the firm posted ($0.59) earnings per share. Research analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Oppenheimer reiterated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. HC Wainwright reiterated a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price objective for the company. Chardan Capital started coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Robert W. Baird dropped their price target on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $25.11.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several large investors have recently modified their holdings of MNMD. AWM Investment Company Inc. increased its holdings in shares of Mind Medicine (MindMed) by 39.9% in the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock valued at $8,304,000 after acquiring an additional 340,162 shares during the period. Marshall Wace LLP increased its position in Mind Medicine (MindMed) by 9.3% during the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company’s stock valued at $17,410,000 after buying an additional 213,526 shares in the last quarter. Tang Capital Management LLC acquired a new stake in Mind Medicine (MindMed) in the fourth quarter worth about $1,392,000. Geode Capital Management LLC boosted its stake in Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after purchasing an additional 162,933 shares in the last quarter. Finally, Allostery Investments LP purchased a new stake in shares of Mind Medicine (MindMed) during the fourth quarter valued at $905,000. 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.