Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 3.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares fell 3.1% on Wednesday . The company traded as low as $9.55 and last traded at $9.57. 223,976 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,953,093 shares. The stock had previously closed at $9.88.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. SVB Leerink initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday. They set an “outperform” rating and a $20.00 price objective for the company. Royal Bank of Canada upped their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $25.20.

Mind Medicine (MindMed) Price Performance

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 stock has a market cap of $668.97 million, a P/E ratio of -3.91 and a beta of 2.81. The company’s 50 day moving average price is $7.79 and its 200-day moving average price is $4.86.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). As a group, sell-side analysts expect that Mind Medicine will post -1.7 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada grew its stake in shares of Mind Medicine (MindMed) by 60.7% in the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after acquiring an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $28,000. Virtu Financial LLC purchased a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $29,000. Regal Investment Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $46,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $53,000. Institutional investors and hedge funds 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.