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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price dropped 2.9% during trading on Thursday . The company traded as low as $8.96 and last traded at $9.25. Approximately 521,296 shares changed 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.

Analysts Set New Price Targets

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

Mind Medicine (MindMed) Trading Down 5.8 %

The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22. The stock has a market capitalization of $631.02 million, a price-to-earnings ratio of -3.78 and a beta of 2.81. The business has a 50 day simple moving average of $7.89 and a 200-day simple moving average of $4.89.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted 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). As a group, equities analysts expect that Mind Medicine will post -1.72 earnings per share for the current year.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was 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 in the company, valued at $5,511,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the sale, the insider now 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 owned by insiders.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its stake in Mind Medicine (MindMed) by 60.7% in the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after buying an additional 2,824 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Mind Medicine (MindMed) during the third quarter worth approximately $28,000. Virtu Financial LLC bought a new position in shares of Mind Medicine (MindMed) during the first quarter worth approximately $29,000. Regal Investment Advisors LLC bought a new position in shares of Mind Medicine (MindMed) during the third quarter worth approximately $46,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Mind Medicine (MindMed) during the third quarter worth approximately $53,000. 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 for the treatment of core symptoms of autism spectrum disorder.