Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 2.9%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares traded down 2.9% on Thursday . The stock traded as low as $8.96 and last traded at $9.25. 521,296 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,942,137 shares. The stock had previously closed at $9.53.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price for the company. Royal Bank of Canada raised their target price on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $25.20.

Mind Medicine (MindMed) Trading Down 2.6 %

The business’s 50-day moving average is $8.07 and its two-hundred day moving average is $4.96. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Equities analysts predict that Mind Medicine will post -1.72 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its position in shares of Mind Medicine (MindMed) by 60.7% in the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after purchasing an additional 2,824 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after buying an additional 2,826 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Mind Medicine (MindMed) by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 191,874 shares of the company’s stock worth $702,000 after purchasing an additional 3,338 shares during the period. Northern Trust Corp boosted its stake in Mind Medicine (MindMed) by 6.2% during the 2nd quarter. Northern Trust Corp now owns 62,032 shares of the company’s stock worth $221,000 after purchasing an additional 3,641 shares during the period. Finally, FMR LLC boosted its stake in Mind Medicine (MindMed) by 40.0% during the 3rd quarter. FMR LLC now owns 17,256 shares of the company’s stock worth $54,000 after purchasing an additional 4,928 shares during the period. 27.91% of the stock is owned by hedge funds and other institutional investors.

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 for the treatment of core symptoms of autism spectrum disorder.