Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 3.5%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price dropped 3.5% on Monday . The company traded as low as $8.30 and last traded at $8.38. Approximately 300,626 shares were traded during trading, a decline of 84% from the average daily volume of 1,929,916 shares. The stock had previously closed at $8.68.

Analyst Upgrades and Downgrades

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

Mind Medicine (MindMed) Stock Up 2.2 %

The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The firm’s 50 day simple moving average is $8.23 and its 200 day simple moving average is $5.07.

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

Insider Activity at Mind Medicine (MindMed)

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in the stock. Jump Financial LLC grew its stake in Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after acquiring an additional 2,826 shares during the period. Regal Investment Advisors LLC acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at $46,000. Commonwealth Equity Services LLC purchased a new position in Mind Medicine (MindMed) in the 3rd quarter valued at $53,000. Bailard Inc. purchased a new position in Mind Medicine (MindMed) in the 4th quarter valued at $63,000. Finally, Mitchell Mcleod Pugh & Williams Inc. purchased a new position in Mind Medicine (MindMed) in the 4th quarter valued at $73,000. 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.