Daniel Karlin Sells 5,600 Shares of Mind Medicine (MindMed) (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Daniel Karlin sold 5,600 shares of the stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $13.15, for a total transaction of $73,640.00. Following the sale, the insider directly owned 425,025 shares in the company, valued at approximately $5,589,078.75. This represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Mind Medicine (MindMed) Price Performance

Shares of Mind Medicine (MindMed) stock traded up $0.40 during midday trading on Monday, reaching $13.46. The company had a trading volume of 1,138,781 shares, compared to its average volume of 1,616,820. The stock has a fifty day simple moving average of $12.32 and a 200 day simple moving average of $10.43. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $14.43. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -6.60 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.26). As a group, equities research analysts forecast that Mind Medicine will post -1.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Lifesci Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Jones Trading started coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, December 23rd. They set a “buy” rating and a $61.00 target price on the stock. Needham & Company LLC set a $28.00 price objective on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a research report on Monday, October 13th. Chardan Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, November 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $30.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $107,000. Caxton Associates LLP bought a new position in Mind Medicine (MindMed) in the third quarter valued at $126,000. Sender Co & Partners Inc. purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $305,000. Scientech Research LLC bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $286,000. Finally, Mercer Global Advisors Inc. ADV lifted its stake in Mind Medicine (MindMed) by 10.5% in the third quarter. Mercer Global Advisors Inc. ADV now owns 21,931 shares of the company’s stock worth $259,000 after purchasing an additional 2,079 shares during the last quarter. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.