Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 13.9% - Here's What Happened

Key Points

• Mind Medicine (MindMed) Inc. shares fell by 13.9%, trading as low as $12.46, compared to the previous close of $14.20.
• Several analysts maintain a generally positive outlook with an average rating of "Buy" and a target price of $27.83, though Weiss Ratings gave it a "sell" rating.
• Insiders have sold a total of 44,779 shares worth approximately $437,491 in the past three months, indicating potential concerns about the stock's future performance.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares traded down 13.9% on Monday . The company traded as low as $12.46 and last traded at $12.2310. 1,015,389 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 1,563,694 shares. The stock had previously closed at $14.20.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Needham & Company LLC set a $28.00 price target on shares of Mind Medicine (MindMed) and gave the stock a "buy" rating in a research note on Monday, October 13th. Oppenheimer began coverage on shares of Mind Medicine (MindMed) in a report on Monday, August 4th. They issued an "outperform" rating and a $25.00 target price on the stock. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, October 14th. Finally, Chardan Capital reiterated a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $27.83.

Mind Medicine (MindMed) Trading Down 12.2%

The firm has a 50-day moving average price of $11.06 and a 200-day moving average price of $8.92. 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 $948.84 million, a PE ratio of -8.12 and a beta of 2.57.

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

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Mark Sullivan sold 11,278 shares of the business's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $110,186.06. Following the completion of the sale, the insider directly owned 293,852 shares in the company, valued at $2,870,934.04. The trade was a 3.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel Karlin sold 7,704 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $75,268.08. Following the sale, the insider owned 430,625 shares of the company's stock, valued at approximately $4,207,206.25. This represents a 1.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 44,779 shares of company stock worth $437,491 in the last three months. 2.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Stoneridge Investment Partners LLC grew its stake in shares of Mind Medicine (MindMed) by 7.5% during the 3rd quarter. Stoneridge Investment Partners LLC now owns 11,563 shares of the company's stock valued at $136,000 after acquiring an additional 804 shares during the period. Cerity Partners LLC boosted its stake in Mind Medicine (MindMed) by 2.4% in the 2nd quarter. Cerity Partners LLC now owns 49,650 shares of the company's stock worth $322,000 after purchasing an additional 1,165 shares during the period. Teacher Retirement System of Texas boosted its stake in Mind Medicine (MindMed) by 9.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 16,260 shares of the company's stock worth $106,000 after purchasing an additional 1,400 shares during the period. Palumbo Wealth Management LLC boosted its stake in Mind Medicine (MindMed) by 6.3% in the 2nd quarter. Palumbo Wealth Management LLC now owns 24,043 shares of the company's stock worth $156,000 after purchasing an additional 1,415 shares during the period. Finally, Creative Planning boosted its stake in Mind Medicine (MindMed) by 2.6% in the 2nd quarter. Creative Planning now owns 66,097 shares of the company's stock worth $429,000 after purchasing an additional 1,655 shares during the period. 27.91% of the stock is currently owned by institutional investors.

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

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