Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 3.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was down 3.1% on Wednesday . The stock traded as low as $9.55 and last traded at $9.57. Approximately 223,976 shares traded hands during trading, a decline of 89% from the average daily volume of 1,953,093 shares. The stock had previously closed at $9.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. SVB Leerink assumed coverage on Mind Medicine (MindMed) in a research report on Monday. They set an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Finally, Royal Bank of Canada lifted their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $25.20.

Mind Medicine (MindMed) Stock Down 3.6 %

The firm has a market cap of $668.97 million, a PE ratio of -3.91 and a beta of 2.81. The company has a 50-day simple moving average of $7.79 and a 200-day simple moving average of $4.86. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Analysts expect that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the sale, the chief executive officer now owns 580,202 shares in the company, valued at $5,511,919. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The disclosure for this sale can be found here. Company insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MNMD. Citigroup Inc. purchased a new position in Mind Medicine (MindMed) in the third quarter valued at about $273,000. Commonwealth Equity Services LLC purchased a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $53,000. Rathbones Group PLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $78,000. Jump Financial LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter valued at approximately $106,000. Finally, AdvisorShares Investments LLC boosted its stake in Mind Medicine (MindMed) by 28.5% in the third quarter. AdvisorShares Investments LLC now owns 117,411 shares of the company’s stock valued at $367,000 after acquiring an additional 26,047 shares in the last quarter. 27.91% of the stock is owned by 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 for the treatment of core symptoms of autism spectrum disorder.