Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 3.2% After Insider Selling

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price dropped 3.2% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $10.10 and last traded at $10.10. Approximately 876,247 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,939,687 shares. The stock had previously closed at $10.43.

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

Analyst Ratings Changes

MNMD has been the subject of several research reports. Royal Bank of Canada boosted their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Canaccord Genuity Group initiated coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 5th. They set a “buy” rating and a $9.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $24.83.

Mind Medicine (MindMed) Price Performance

The business has a 50-day simple moving average of $5.99 and a 200 day simple moving average of $4.23. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, research analysts anticipate that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Mind Medicine (MindMed) by 7.3% during the 1st quarter. State Street Corp now owns 6,145,503 shares of the company’s stock valued at $6,822,000 after purchasing an additional 416,765 shares during the last quarter. Millennium Management LLC increased its stake in Mind Medicine (MindMed) by 1,063.1% in the 2nd quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock worth $3,249,000 after acquiring an additional 4,638,774 shares during the last quarter. Swiss National Bank raised its holdings in shares of Mind Medicine (MindMed) by 23.1% during the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock worth $1,079,000 after acquiring an additional 178,300 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Mind Medicine (MindMed) by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock valued at $1,039,000 after acquiring an additional 16,746 shares during the last quarter. Finally, LPL Financial LLC bought a new position in Mind Medicine (MindMed) during the second quarter valued at $496,000. 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 for the treatment of core symptoms of autism spectrum disorder.