Daniel Karlin Sells 6,836 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Daniel Karlin sold 6,836 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the completion of the sale, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. This represents a 1.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Mind Medicine (MindMed) Stock Performance

MNMD opened at $6.43 on Friday. The company has a 50 day simple moving average of $7.28 and a two-hundred day simple moving average of $6.95. 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 firm has a market cap of $484.62 million, a P/E ratio of -2.85 and a beta of 2.57. Mind Medicine has a 1-year low of $5.03 and a 1-year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same period in the prior year, the company earned ($0.59) EPS. Equities analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MNMD shares. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target on the stock. Chardan Capital assumed coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Oppenheimer restated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Robert W. Baird lowered their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Finally, HC Wainwright restated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Ten analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $25.11.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently made changes to their positions in MNMD. AWM Investment Company Inc. lifted its holdings in Mind Medicine (MindMed) by 39.9% in the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock worth $8,304,000 after purchasing an additional 340,162 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Mind Medicine (MindMed) by 9.3% in the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company’s stock worth $17,410,000 after buying an additional 213,526 shares in the last quarter. Tang Capital Management LLC purchased a new position in shares of Mind Medicine (MindMed) in the fourth quarter worth $1,392,000. Geode Capital Management LLC boosted its position in shares of Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the last quarter. Finally, Allostery Investments LP purchased a new position in Mind Medicine (MindMed) during the fourth quarter valued at $905,000. 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.