Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 1.1% on Insider Selling

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) traded down 1.1% on Wednesday after an insider sold shares in the company. The company traded as low as $9.33 and last traded at $9.75. 744,108 shares changed hands during trading, a decline of 62% from the average session volume of 1,950,250 shares. The stock had previously closed at $9.86.

Specifically, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the sale, the insider now directly owns 358,452 shares in the company, valued at $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the business's stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at $5,511,919. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Dan Karlin sold 6,578 shares of the business's stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares in the company, valued at $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MNMD. HC Wainwright reiterated a "buy" rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Royal Bank of Canada boosted their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Thursday, February 29th. Finally, Canaccord Genuity Group began coverage on Mind Medicine (MindMed) in a research note on Tuesday, December 5th. They set a "buy" rating and a $9.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $24.83.

Mind Medicine (MindMed) Price Performance

The firm has a market cap of $392.64 million, a P/E ratio of -3.89 and a beta of 2.65. The business has a 50-day simple moving average of $5.88 and a 200 day simple moving average of $4.19. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, analysts anticipate that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently modified their holdings of MNMD. Royal Bank of Canada increased its holdings in shares of Mind Medicine (MindMed) by 60.7% in the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company's stock worth $27,000 after purchasing an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $28,000. Virtu Financial LLC bought a new stake in shares of Mind Medicine (MindMed) in the first quarter worth $29,000. Regal Investment Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $46,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $53,000. Institutional investors own 27.91% of the company's stock.

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 for the treatment of core symptoms of autism spectrum disorder.