Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 3.5%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price traded down 3.5% during mid-day trading on Monday . The stock traded as low as $8.30 and last traded at $8.38. 300,626 shares changed hands during trading, a decline of 84% from the average session volume of 1,929,916 shares. The stock had previously closed at $8.68.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Royal Bank of Canada lifted their price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They issued an “outperform” rating and a $20.00 price target for the company. HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $25.20.

Mind Medicine (MindMed) Stock Up 2.2 %

The stock has a 50-day moving average price of $8.23 and a two-hundred day moving average price of $5.07. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Analysts anticipate that Mind Medicine will post -1.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction on Monday, March 25th. The stock was 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 directly owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Dan Karlin sold 6,578 shares of the company’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 transaction, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction on 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 directly owns 580,202 shares in the company, valued at $5,511,919. The disclosure for this sale can be found here. Company insiders own 2.11% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently made changes to their positions in the company. Scotia Capital Inc. acquired a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at $441,000. Jump Financial LLC increased its position in shares of Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after acquiring an additional 2,826 shares during the period. Mitchell Mcleod Pugh & Williams Inc. acquired a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at $73,000. Bailard Inc. purchased a new stake in Mind Medicine (MindMed) in the fourth quarter valued at $63,000. Finally, Citigroup Inc. purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at $273,000. 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.