Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells $49,357.49 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the sale, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Mind Medicine (MindMed) Trading Down 10.4 %

NASDAQ MNMD opened at $6.84 on Monday. The stock has a market cap of $501.59 million, a P/E ratio of -3.03 and a beta of 2.58. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a 12-month low of $3.49 and a 12-month high of $12.22. The company has a fifty day simple moving average of $7.25 and a two-hundred day simple moving average of $6.97.

Analysts Set New Price Targets

Several research firms have recently commented on MNMD. Chardan Capital began coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. HC Wainwright reiterated a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partners started coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and an average price target of $26.75.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNMD. Bridgewealth Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) during the 2nd quarter valued at about $72,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth about $58,000. Wealth Alliance purchased a new stake in Mind Medicine (MindMed) in the second quarter valued at approximately $79,000. Arizona State Retirement System purchased a new position in Mind Medicine (MindMed) during the 2nd quarter worth approximately $114,000. Finally, Sanctuary Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at approximately $91,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.