Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 8.5% Following Insider Selling

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) were down 8.5% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $6.98 and last traded at $6.98. Approximately 534,967 shares changed hands during trading, a decline of 62% from the average daily volume of 1,419,024 shares. The stock had previously closed at $7.63.

Specifically, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the sale, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

MNMD has been the subject of a number of recent research reports. Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. Chardan Capital assumed coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Canaccord Genuity Group reduced their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Finally, Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Nine equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $26.75.

Mind Medicine (MindMed) Trading Down 10.4 %

The stock has a market cap of $501.59 million, a P/E ratio of -3.03 and a beta of 2.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The stock’s fifty day moving average is $7.25 and its 200 day moving average is $6.97.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Bridgewealth Advisory Group LLC bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter worth about $72,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $58,000. Wealth Alliance bought a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $79,000. Arizona State Retirement System purchased a new position in Mind Medicine (MindMed) during the 2nd quarter valued at $114,000. Finally, Sanctuary Advisors LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter valued at $91,000. 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.