Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Down to $8.25

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped down prior to trading on Wednesday . The stock had previously closed at $8.25, but opened at $7.47. Mind Medicine (MindMed) shares last traded at $7.26, with a volume of 4,173,566 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on MNMD shares. HC Wainwright restated a “buy” rating and issued a $35.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, May 24th. Baird R W upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, May 29th. Robert W. Baird started coverage on Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They set an “outperform” rating and a $27.00 price objective on the stock. Oppenheimer reiterated an “outperform” rating and set a $20.00 price objective (down from $29.00) on shares of Mind Medicine (MindMed) in a research report on Monday, May 13th. Finally, SVB Leerink started coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They set an “outperform” rating and a $20.00 price objective on the stock. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Mind Medicine (MindMed) Price Performance

The company has a market capitalization of $527.71 million, a PE ratio of -2.39 and a beta of 2.64. The firm has a fifty day moving average of $9.22 and a two-hundred day moving average of $6.36. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.06. Research analysts anticipate that Mind Medicine will post -1.36 EPS for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the sale, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Dan Karlin sold 6,578 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MNMD. Jump Financial LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $106,000. Rathbones Group PLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $78,000. Regal Investment Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $46,000. Citigroup Inc. bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $273,000. Finally, Bailard Inc. bought a new position in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $63,000. Institutional investors own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.