Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 3% – What’s Next?

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Leerink Partners started coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective for the company. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Canaccord Genuity Group reduced 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $25.38.

Mind Medicine (MindMed) Trading Down 2.5 %

The stock’s 50 day simple moving average is $6.55 and its 200-day simple moving average is $7.10. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Insider Activity at Mind Medicine (MindMed)

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

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently made changes to their positions in the company. Tri Locum Partners LP grew its position in Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after buying an additional 2,459 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Mind Medicine (MindMed) by 22.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock valued at $126,000 after acquiring an additional 4,079 shares during the period. Cubist Systematic Strategies LLC increased its stake in shares of Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after purchasing an additional 6,890 shares in the last quarter. State Street Corp raised 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 period. Finally, Bridgewealth Advisory Group LLC purchased a new position in Mind Medicine (MindMed) during the second quarter worth approximately $72,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

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.