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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares traded down 2.9% during trading on Thursday . The company traded as low as $8.96 and last traded at $9.25. 521,296 shares traded hands during 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

A number of analysts have commented on the company. HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. SVB Leerink assumed coverage on Mind Medicine (MindMed) in a report on Monday, April 15th. They set an “outperform” rating and a $20.00 price objective for the company. Leerink Partnrs reissued an “outperform” rating on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. Finally, Royal Bank of Canada boosted their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $25.20.

Mind Medicine (MindMed) Trading Down 2.6 %

The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average of $8.07 and a 200 day moving average of $4.96.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MNMD. Royal Bank of Canada grew its stake in shares of Mind Medicine (MindMed) by 60.7% during the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after buying an additional 2,824 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth about $28,000. Virtu Financial LLC bought a new stake in shares of Mind Medicine (MindMed) in the first quarter worth about $29,000. Regal Investment Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth about $46,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth about $53,000. 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 for the treatment of core symptoms of autism spectrum disorder.