Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares dropped 4.8% during mid-day trading on Wednesday . The company traded as low as $7.66 and last traded at $7.51. Approximately 511,567 shares traded hands during 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 recent analyst reports. Chardan Capital reissued a "buy" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. Cantor Fitzgerald raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, May 13th. HC Wainwright reissued a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Finally, Robert W. Baird lowered their target price on shares of 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 research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $25.50.
Read Our Latest Report on MNMD
Mind Medicine (MindMed) Price Performance
The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The firm has a fifty day moving average of $6.52 and a two-hundred day moving average of $6.96. The stock has a market capitalization of $559.09 million, a P/E ratio of -3.27 and a beta of 2.52.
Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.01. On average, analysts predict that Mind Medicine will post -1.35 EPS for the current year.
Insiders Place Their Bets
In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the business's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the transaction, the insider now directly owns 446,177 shares in the company, valued at approximately $3,007,232.98. The trade was a 1.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 21,208 shares of the business's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the transaction, the chief executive officer now owns 856,556 shares of the company's stock, valued at $5,773,187.44. This represents a 2.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,391 shares of company stock worth $204,835. 2.45% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Mind Medicine (MindMed)
Several hedge funds have recently modified their holdings of the stock. Rhumbline Advisers increased its holdings in shares of Mind Medicine (MindMed) by 7.7% during the first quarter. Rhumbline Advisers now owns 108,457 shares of the company's stock valued at $634,000 after acquiring an additional 7,762 shares in the last quarter. AWM Investment Company Inc. increased its holdings in shares of Mind Medicine (MindMed) by 1.3% during the first quarter. AWM Investment Company Inc. now owns 1,208,162 shares of the company's stock valued at $7,068,000 after acquiring an additional 15,000 shares in the last quarter. Ally Bridge Group NY LLC increased its holdings in shares of Mind Medicine (MindMed) by 18.1% during the first quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company's stock valued at $2,282,000 after acquiring an additional 59,868 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Mind Medicine (MindMed) by 10.4% during the first quarter. Royal Bank of Canada now owns 65,237 shares of the company's stock valued at $382,000 after acquiring an additional 6,148 shares in the last quarter. Finally, DRW Securities LLC acquired a new position in shares of Mind Medicine (MindMed) during the first quarter valued at about $292,000. Institutional investors and hedge funds own 27.91% of the company's stock.
About Mind Medicine (MindMed)
(
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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