Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3.7% – Should You Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) traded down 3.7% during trading on Friday . The stock traded as low as $7.20 and last traded at $7.26. 550,789 shares changed hands during trading, a decline of 35% from the average session volume of 853,884 shares. The stock had previously closed at $7.54.

Analyst Upgrades and Downgrades

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

Mind Medicine (MindMed) Stock Performance

The firm has a market capitalization of $530.19 million, a PE ratio of -3.20 and a beta of 2.58. 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’s fifty day simple moving average is $7.31 and its 200 day simple moving average is $6.95.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 in the last ninety days. Company insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $131,000. Rhumbline Advisers acquired a new stake in Mind Medicine (MindMed) in the 2nd quarter worth approximately $679,000. Arizona State Retirement System purchased a new stake in shares of Mind Medicine (MindMed) during the second quarter valued at $114,000. Finally, AdvisorShares Investments LLC increased its holdings in Mind Medicine (MindMed) by 13.4% in the second quarter. AdvisorShares Investments LLC now owns 124,166 shares of the company’s stock valued at $878,000 after buying an additional 14,659 shares in the last quarter. 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.