Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 2.9%

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) dropped 2.9% during mid-day trading on Thursday . The company traded as low as $8.96 and last traded at $9.25. Approximately 521,296 shares traded hands during trading, a decline of 73% from the average daily volume of 1,942,137 shares. The stock had previously closed at $9.53.

Wall Street Analysts Forecast Growth

MNMD has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price target on 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 initiated coverage on Mind Medicine (MindMed) in a research note on Monday. They set an “outperform” rating and a $20.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Price Performance

The business’s fifty day simple moving average is $7.89 and its 200-day simple moving average is $4.89. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The firm has a market cap of $631.02 million, a P/E ratio of -3.78 and a beta of 2.81.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results 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, analysts forecast that Mind Medicine will post -1.72 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert Barrow sold 16,519 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 value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related 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 value of $62,491.00. Following the completion of the transaction, the insider now directly owns 358,452 shares in the company, valued at $3,405,294. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, 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. Company insiders own 2.11% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC raised its stake in shares of Mind Medicine (MindMed) by 1,063.1% during the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock valued at $3,249,000 after acquiring an additional 4,638,774 shares during the last quarter. LPL Financial LLC bought a new position in shares of Mind Medicine (MindMed) during the second quarter valued at about $496,000. Cubist Systematic Strategies LLC bought a new position in shares of Mind Medicine (MindMed) during the second quarter valued at about $328,000. State Street Corp raised its stake in shares of Mind Medicine (MindMed) by 7.3% during the first quarter. State Street Corp now owns 6,145,503 shares of the company’s stock valued at $6,822,000 after acquiring an additional 416,765 shares during the last quarter. Finally, Geode Capital Management LLC bought a new position in shares of Mind Medicine (MindMed) during the fourth quarter valued at about $619,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.