Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells $46,074.64 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Daniel Karlin sold 6,836 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $46,074.64. Following the sale, the insider now directly owns 446,177 shares of the company’s stock, valued at $3,007,232.98. The trade was a 1.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Mind Medicine (MindMed) Stock Down 3.7 %

NASDAQ:MNMD opened at $6.19 on Friday. The firm has a market capitalization of $466.53 million, a P/E ratio of -2.74 and a beta of 2.57. The company’s fifty day moving average price is $7.26 and its 200-day moving average price is $6.95. Mind Medicine has a 1-year low of $5.03 and a 1-year high of $12.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Thursday, March 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same quarter last year, the firm posted ($0.59) earnings per share. As a group, equities research analysts anticipate that Mind Medicine will post -1.35 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Barclays PLC increased its holdings in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares in the last quarter. Wellington Management Group LLP increased its holdings in Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after buying an additional 109,152 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the period. SG Americas Securities LLC boosted its stake in shares of Mind Medicine (MindMed) by 48.8% during the 4th quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock worth $170,000 after acquiring an additional 8,004 shares in the last quarter. Finally, State Street Corp grew its position in shares of Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after acquiring an additional 9,782 shares during the period. 27.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on MNMD. Oppenheimer reiterated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company. Robert W. Baird cut their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Finally, Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price on the stock. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $25.11.

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.