Mind Medicine (MindMed) (NASDAQ:MNMD) CEO Sells $252,036.69 in Stock

Key Points

• Robert Barrow, CEO of Mind Medicine (MindMed), sold $252,036.69 worth of company stock (25,797 shares) on September 25th, reducing his ownership by 3.11%.
• Mind Medicine's stock experienced a 9.2% increase in price, reaching $10.67, with a market cap of approximately $811.86 million.
• The company reported a quarterly loss of ($0.50) earnings per share, which was below the consensus estimate of ($0.38).

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) CEO Robert Barrow sold 25,797 shares of the company's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $252,036.69. Following the transaction, the chief executive officer directly owned 804,268 shares of the company's stock, valued at approximately $7,857,698.36. This trade represents a 3.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Mind Medicine (MindMed) Stock Up 9.2%

Shares of NASDAQ:MNMD traded up $0.90 during trading on Friday, reaching $10.67. 2,046,240 shares of the stock traded hands, compared to its average volume of 1,472,912. The stock has a 50-day moving average of $9.56 and a two-hundred day moving average of $7.68. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $11.02. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98. The stock has a market cap of $811.86 million, a P/E ratio of -6.97 and a beta of 2.48.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.12). As a group, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently modified their holdings of the stock. Marshall Wace LLP boosted its stake in Mind Medicine (MindMed) by 31.9% during the second quarter. Marshall Wace LLP now owns 3,421,224 shares of the company's stock valued at $22,204,000 after buying an additional 828,067 shares in the last quarter. Commodore Capital LP lifted its position in shares of Mind Medicine (MindMed) by 10.5% during the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company's stock worth $32,450,000 after buying an additional 475,000 shares during the period. Nuveen LLC acquired a new stake in Mind Medicine (MindMed) during the 1st quarter valued at $1,556,000. Diadema Partners LP acquired a new position in Mind Medicine (MindMed) during the 2nd quarter worth about $1,029,000. Finally, Millennium Management LLC raised its position in shares of Mind Medicine (MindMed) by 134.5% during the fourth quarter. Millennium Management LLC now owns 185,721 shares of the company's stock worth $1,293,000 after acquiring an additional 106,511 shares during the last quarter. Institutional investors and hedge funds own 27.91% of the company's stock.

Analyst Upgrades and Downgrades

MNMD has been the topic of several recent research reports. Chardan Capital reiterated a "buy" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Oppenheimer began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, August 4th. They set an "outperform" rating and a $25.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, Mind Medicine (MindMed) currently has an average rating of "Buy" and an average target price of $26.50.

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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