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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) fell 3.2% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $10.10 and last traded at $10.10. 876,247 shares were traded during trading, a decline of 55% from the average session volume of 1,939,687 shares. The stock had previously closed at $10.43.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group started coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 5th. They set a “buy” rating and a $9.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Finally, 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $24.83.

Mind Medicine (MindMed) Price Performance

The stock’s 50-day moving average is $5.99 and its 200-day moving average is $4.23. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22.

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently bought and sold shares of MNMD. Swiss National Bank lifted its position in shares of 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 acquiring an additional 178,300 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Mind Medicine (MindMed) by 12.4% in the 1st quarter. JPMorgan Chase & Co. now owns 151,310 shares of the company’s stock worth $168,000 after purchasing an additional 16,666 shares in the last quarter. Bank of New York Mellon Corp raised its holdings 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 worth $1,039,000 after buying an additional 16,746 shares during the period. HighTower Advisors LLC lifted its stake in Mind Medicine (MindMed) by 77.2% during the first quarter. HighTower Advisors LLC now owns 104,975 shares of the company’s stock valued at $119,000 after buying an additional 45,747 shares in the last quarter. Finally, Penserra Capital Management LLC increased its position in shares of Mind Medicine (MindMed) by 98.6% in the first quarter. Penserra Capital Management LLC now owns 480,853 shares of the company’s stock worth $442,000 after acquiring an additional 238,737 shares in the last quarter. 27.91% of the stock is owned by institutional investors and hedge funds.

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.