Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 4.8% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price fell 4.8% during mid-day trading on Monday . The stock traded as low as $7.32 and last traded at $7.39. 776,748 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 1,445,610 shares. The stock had previously closed at $7.76.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Canaccord Genuity Group cut their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Roth Mkm began coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They issued a “buy” rating and a $36.00 price objective on the stock. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Finally, HC Wainwright reissued a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Trading Up 4.4 %

The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The company has a market capitalization of $551.46 million, a P/E ratio of -3.40 and a beta of 2.48. The firm has a fifty day moving average price of $6.37 and a 200-day moving average price of $7.16.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,994 shares of company stock valued at $173,384. Company insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in Mind Medicine (MindMed) by 472.7% during the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares during the last quarter. Tidal Investments LLC bought a new stake in Mind Medicine (MindMed) in the 1st quarter worth approximately $1,698,000. Rhumbline Advisers purchased a new stake in Mind Medicine (MindMed) in the second quarter worth approximately $679,000. Janus Henderson Group PLC purchased a new position in shares of Mind Medicine (MindMed) during the first quarter worth approximately $8,964,000. Finally, Marshall Wace LLP lifted its holdings in shares of Mind Medicine (MindMed) by 8.1% in the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after acquiring an additional 161,659 shares during the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.