Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Sells $156,930.50 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Robert Barrow sold 16,519 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 $156,930.50. Following the completion of the sale, the chief executive officer now owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mind Medicine (MindMed) Trading Down 1.1 %

Shares of NASDAQ:MNMD opened at $9.40 on Friday. 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’s 50-day moving average is $6.11 and its 200-day moving average is $4.26. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $11.10. The company has a market cap of $388.54 million, a P/E ratio of -3.84 and a beta of 2.65.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly 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 research analysts predict that Mind Medicine will post -1.7 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in shares of Mind Medicine (MindMed) by 60.7% during the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after buying an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $28,000. Virtu Financial LLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter worth $29,000. Regal Investment Advisors LLC acquired a new position in Mind Medicine (MindMed) in the 3rd quarter worth $46,000. Finally, Commonwealth Equity Services LLC acquired a new position in Mind Medicine (MindMed) in the 3rd quarter worth $53,000. Institutional investors own 27.91% of the company’s stock.

Analyst Ratings Changes

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

About Mind Medicine (MindMed)

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.