Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 11.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares were down 11.1% during mid-day trading on Monday . The stock traded as low as $7.18 and last traded at $7.21. Approximately 381,577 shares were traded during trading, a decline of 77% from the average daily volume of 1,643,892 shares. The stock had previously closed at $8.11.

Wall Street Analysts Forecast Growth

MNMD has been the topic of a number of research analyst reports. Oppenheimer reissued an “outperform” rating and issued a $20.00 price target (down from $29.00) on shares of Mind Medicine (MindMed) in a report on Monday, May 13th. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Finally, Roth Mkm assumed coverage on Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus price target of $22.00.

Mind Medicine (MindMed) Trading Down 3.8 %

The company has a 50-day moving average of $7.86 and a 200 day moving average of $7.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.91 and a quick ratio of 3.91. The company has a market cap of $525.38 million, a PE ratio of -2.61 and a beta of 2.58.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Wednesday, May 8th. The company reported ($0.60) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.06. Analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the transaction, the insider now directly owns 351,527 shares in the company, valued at approximately $2,538,024.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at $4,076,000.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares in the company, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SageView Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth $25,000. Bailard Inc. purchased a new stake in Mind Medicine (MindMed) in the fourth quarter worth about $63,000. Mitchell Mcleod Pugh & Williams Inc. bought a new position in Mind Medicine (MindMed) during the 4th quarter worth about $73,000. Arizona State Retirement System purchased a new position in Mind Medicine (MindMed) during the 2nd quarter valued at about $114,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Mind Medicine (MindMed) during the 2nd quarter valued at about $131,000. 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.