Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells $41,088.58 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,871 shares of the company’s stock in a transaction that occurred on 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. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Mind Medicine (MindMed) Trading Down 0.7 %

Shares of NASDAQ MNMD opened at $5.85 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.92 and a current ratio of 5.92. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The firm has a 50 day moving average price of $6.81 and a two-hundred day moving average price of $7.99. The stock has a market cap of $420.45 million, a P/E ratio of -1.99 and a beta of 2.53.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, equities analysts forecast that Mind Medicine will post -1.27 EPS for the current year.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jump Financial LLC increased its position in shares of Mind Medicine (MindMed) by 8.3% during the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after buying an additional 2,826 shares during the period. Scotia Capital Inc. acquired a new stake in shares of Mind Medicine (MindMed) during the fourth quarter worth $441,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the first quarter worth $168,000. Moloney Securities Asset Management LLC increased its position in shares of Mind Medicine (MindMed) by 133.0% during the first quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock worth $1,522,000 after buying an additional 92,450 shares during the period. Finally, SageView Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) during the first quarter worth $25,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MNMD shares. Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price target for the company. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Canaccord Genuity Group dropped their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $25.38.

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.