Insider Selling: Mind Medicine (MindMed) (NASDAQ:MNMD) CEO Sells $339,151.65 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Robert Barrow sold 25,791 shares of the stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $13.15, for a total value of $339,151.65. Following the sale, the chief executive officer owned 778,477 shares in the company, valued at approximately $10,236,972.55. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Mind Medicine (MindMed) Price Performance

MNMD stock traded up $0.40 during midday trading on Monday, reaching $13.46. 1,138,671 shares of the company’s stock traded hands, compared to its average volume of 1,616,466. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.31. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -6.60 and a beta of 2.57. The company has a 50-day simple moving average of $12.32 and a two-hundred 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.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.26). On average, analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently modified their holdings of MNMD. Stoneridge Investment Partners LLC lifted its position in Mind Medicine (MindMed) by 7.5% in the 3rd quarter. Stoneridge Investment Partners LLC now owns 11,563 shares of the company’s stock valued at $136,000 after acquiring an additional 804 shares in the last quarter. Cerity Partners LLC increased its position in Mind Medicine (MindMed) by 2.4% during the second quarter. Cerity Partners LLC now owns 49,650 shares of the company’s stock worth $322,000 after buying an additional 1,165 shares during the last quarter. Teacher Retirement System of Texas raised its stake in Mind Medicine (MindMed) by 9.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 16,260 shares of the company’s stock valued at $106,000 after acquiring an additional 1,400 shares during the period. Palumbo Wealth Management LLC grew its stake in Mind Medicine (MindMed) by 6.3% in the 2nd quarter. Palumbo Wealth Management LLC now owns 24,043 shares of the company’s stock valued at $156,000 after buying an additional 1,415 shares during the last quarter. Finally, Creative Planning increased its stake in shares of Mind Medicine (MindMed) by 2.6% during the second quarter. Creative Planning now owns 66,097 shares of the company’s stock worth $429,000 after purchasing an additional 1,655 shares during the period. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MNMD shares. Needham & Company LLC set a $28.00 target price on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a research report on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Wednesday, October 8th. Canaccord Genuity Group boosted their target price on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Chardan Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, November 19th. Finally, Jones Trading assumed coverage on Mind Medicine (MindMed) in a research report on Tuesday, December 23rd. They issued a “buy” rating and a $61.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $30.33.

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.