Dan Karlin Sells 6,643 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the transaction, the insider now directly owns 338,013 shares of the company’s stock, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD opened at $6.84 on Friday. Mind Medicine has a one year low of $3.49 and a one year high of $12.22. The stock has a market cap of $501.59 million, a PE 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 has a 50 day moving average price of $7.25 and a 200 day moving average price of $6.97.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at about $58,000. Bridgewealth Advisory Group LLC acquired a new position in Mind Medicine (MindMed) in the 2nd quarter valued at about $72,000. Wealth Alliance purchased a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at approximately $79,000. Sanctuary Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $91,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at approximately $93,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MNMD has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Oppenheimer restated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, Canaccord Genuity Group lowered their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Nine analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $26.75.

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.