Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 11.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price was down 11.1% during trading on Monday . The company traded as low as $7.18 and last traded at $7.21. Approximately 381,577 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,643,892 shares. The stock had previously closed at $8.11.

Analysts Set New Price Targets

MNMD has been the topic of several research analyst reports. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Mind Medicine (MindMed) in a report on Wednesday, July 31st. Baird R W upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. Cantor Fitzgerald restated an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and an average target price of $22.00.

Mind Medicine (MindMed) Trading Down 8.5 %

The firm has a market capitalization of $533.29 million, a price-to-earnings ratio of -2.76 and a beta of 2.58. The business’s fifty day moving average is $7.89 and its 200 day moving average is $7.65. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.06. Equities analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the sale, the chief executive officer now owns 564,543 shares in the company, valued at $4,076,000.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the completion of the transaction, the chief executive officer now owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,925 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the transaction, the insider now owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Jump Financial LLC lifted its holdings in Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after purchasing an additional 2,826 shares during the last quarter. Tidal Investments LLC acquired a new stake in Mind Medicine (MindMed) during the first quarter worth approximately $1,698,000. Janus Henderson Group PLC bought a new position in Mind Medicine (MindMed) during the 1st quarter worth $8,964,000. Scotia Capital Inc. acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at $441,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at $168,000. 27.91% of the stock is owned by institutional investors.

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.