Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 6.8% - Should You Sell?

Key Points

• Mind Medicine (MindMed) Inc. stock fell 6.8% during mid-day trading, with its last trading price at $11.23, compared to a previous close of $12.04.
• Analysts maintain a positive outlook for MindMed, with a consensus rating of "Buy" and an average price target of $26.50, highlighting support from multiple firms.
• Insider selling has occurred, with key executives Mark Sullivan and Daniel Karlin selling shares, indicating a decrease in their ownership positions by 3.70% and 1.76% respectively.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) was down 6.8% during mid-day trading on Tuesday . The company traded as low as $11.22 and last traded at $11.23. Approximately 1,430,968 shares changed hands during mid-day trading, a decline of 4% from the average daily volume of 1,488,729 shares. The stock had previously closed at $12.04.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MNMD shares. Chardan Capital reissued a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Oppenheimer started coverage on Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an "outperform" rating and a $25.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $26.50.

Mind Medicine (MindMed) Trading Down 2.1%

The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. The company's 50 day simple moving average is $9.64 and its 200 day simple moving average is $7.77. The firm has a market cap of $897.10 million, a price-to-earnings ratio of -7.71 and a beta of 2.49.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12). As a group, 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, insider Mark Sullivan sold 11,278 shares of the business's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $110,186.06. Following the completion of the transaction, the insider owned 293,852 shares in the company, valued at approximately $2,870,934.04. The trade was a 3.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Daniel Karlin sold 7,704 shares of the business's stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $75,268.08. Following the transaction, the insider owned 430,625 shares of the company's stock, valued at approximately $4,207,206.25. The trade was a 1.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,779 shares of company stock worth $437,491. Corporate insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Mind Medicine (MindMed) by 32.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company's stock valued at $94,000 after buying an additional 3,350 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Mind Medicine (MindMed) by 20.9% during 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 in the last quarter. Rhumbline Advisers raised its holdings in Mind Medicine (MindMed) by 7.7% during the first quarter. Rhumbline Advisers now owns 108,457 shares of the company's stock worth $634,000 after purchasing an additional 7,762 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in Mind Medicine (MindMed) during the fourth quarter worth about $88,000. Finally, Millennium Management LLC grew its position in 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 buying an additional 106,511 shares during the period. 27.91% of the stock is owned by hedge funds and other institutional investors.

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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