Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 3% – Here’s Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) fell 3% during mid-day trading on Friday . The stock traded as low as $7.96 and last traded at $8.01. 188,177 shares traded hands during trading, a decline of 87% from the average session volume of 1,445,129 shares. The stock had previously closed at $8.26.

Analyst Upgrades and Downgrades

MNMD has been the subject of several recent analyst reports. Canaccord Genuity Group decreased their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. HC Wainwright reiterated a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Nine analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Trading Down 1.1 %

The business has a 50-day moving average of $6.63 and a 200-day moving average of $7.11. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock has a market cap of $599.11 million, a price-to-earnings ratio of -3.62 and a beta of 2.48.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,871 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. This represents a 1.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,994 shares of company stock valued at $173,384 in the last three months. Corporate insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently bought and sold shares of MNMD. Marshall Wace LLP lifted its position in shares of Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after buying an additional 161,659 shares during the last quarter. State Street Corp lifted its holdings in Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after purchasing an additional 9,782 shares during the last quarter. Geode Capital Management LLC boosted 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 purchasing an additional 162,933 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Mind Medicine (MindMed) by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock valued at $3,428,000 after purchasing an additional 46,187 shares during the last quarter. Finally, Tri Locum Partners LP raised its position in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after purchasing an additional 2,459 shares during the period. 27.91% of the stock is owned by institutional investors and hedge funds.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.