Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares dropped 4.8% during trading on Wednesday . The company traded as low as $7.66 and last traded at $7.51. Approximately 511,567 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 1,356,858 shares. The stock had previously closed at $7.89.
Wall Street Analysts Forecast Growth
MNMD has been the subject of a number of research analyst reports. HC Wainwright restated a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. 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 report on Friday, March 7th. Chardan Capital reaffirmed a "buy" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, May 9th. Finally, Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Eight equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $25.50.
Read Our Latest Report on MNMD
Mind Medicine (MindMed) Trading Down 1.8%
The firm has a market cap of $541.72 million, a P/E ratio of -3.17 and a beta of 2.52. The stock has a fifty day simple moving average of $6.60 and a 200 day simple moving average of $6.95. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.
Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.35) EPS for the quarter, topping analysts' consensus estimates of ($0.36) by $0.01. On average, research analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the transaction, the chief executive officer now directly owns 856,556 shares in the company, valued at approximately $5,773,187.44. The trade was a 2.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Karlin sold 6,836 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. This trade represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,391 shares of company stock valued at $204,835 over the last 90 days. Company insiders own 2.45% of the company's stock.
Hedge Funds Weigh In On Mind Medicine (MindMed)
Large investors have recently made changes to their positions in the business. Deutsche Bank AG lifted its position in shares of Mind Medicine (MindMed) by 52.7% in the fourth quarter. Deutsche Bank AG now owns 71,595 shares of the company's stock valued at $498,000 after acquiring an additional 24,716 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Mind Medicine (MindMed) by 61.8% in the fourth quarter. Wells Fargo & Company MN now owns 39,974 shares of the company's stock valued at $278,000 after acquiring an additional 15,269 shares in the last quarter. Tang Capital Management LLC purchased a new position in shares of Mind Medicine (MindMed) in the fourth quarter valued at about $1,392,000. Barclays PLC lifted its position in shares of Mind Medicine (MindMed) by 14.2% in the fourth quarter. Barclays PLC now owns 155,434 shares of the company's stock valued at $1,082,000 after acquiring an additional 19,336 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Mind Medicine (MindMed) by 20.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,044 shares of the company's stock worth $592,000 after purchasing an additional 14,691 shares during the last quarter. 27.91% of the stock is currently owned by hedge funds and other institutional investors.
Mind Medicine (MindMed) Company Profile
(
Get Free Report)
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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