Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Mark Sullivan Sells 11,491 Shares

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) insider Mark Sullivan sold 11,491 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $78,138.80. Following the completion of the transaction, the insider now directly owns 305,130 shares of the company's stock, valued at approximately $2,074,884. The trade was a 3.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Mind Medicine (MindMed) Stock Down 1.5%

NASDAQ MNMD traded down $0.10 on Thursday, reaching $6.74. The company had a trading volume of 657,707 shares, compared to its average volume of 1,357,208. The company has a quick ratio of 7.27, a current ratio of 7.27 and a debt-to-equity ratio of 0.10. The company's fifty day moving average is $6.85 and its 200 day moving average is $6.91. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $10.44. The stock has a market capitalization of $509.21 million, a P/E ratio of -5.22 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.36) by $0.01. Sell-side analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently modified their holdings of MNMD. Marshall Wace LLP raised its stake in shares of Mind Medicine (MindMed) by 9.3% during the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock worth $17,410,000 after purchasing an additional 213,526 shares during the period. Geode Capital Management LLC increased its holdings in Mind Medicine (MindMed) by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock worth $11,996,000 after buying an additional 45,386 shares during the last quarter. AWM Investment Company Inc. raised its position in Mind Medicine (MindMed) by 1.3% in the first quarter. AWM Investment Company Inc. now owns 1,208,162 shares of the company's stock worth $7,068,000 after acquiring an additional 15,000 shares during the period. Woodline Partners LP raised its position in Mind Medicine (MindMed) by 0.3% in the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company's stock worth $6,996,000 after acquiring an additional 2,654 shares during the period. Finally, Northern Trust Corp boosted its stake in Mind Medicine (MindMed) by 12.6% in the fourth quarter. Northern Trust Corp now owns 684,836 shares of the company's stock valued at $4,766,000 after acquiring an additional 76,559 shares during the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MNMD. HC Wainwright reiterated a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, May 9th. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Robert W. Baird reduced their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Eight investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of "Buy" and an average target price of $25.50.

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

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