Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 5.4%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) fell 5.4% during mid-day trading on Tuesday . The stock traded as low as $10.22 and last traded at $10.30. 389,381 shares changed hands during trading, a decline of 80% from the average session volume of 1,992,764 shares. The stock had previously closed at $10.89.

Wall Street Analyst Weigh In

Several research firms have issued reports on MNMD. Royal Bank of Canada upped their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $24.83.

Mind Medicine (MindMed) Trading Down 7.7 %

The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The stock's fifty day moving average price is $7.18 and its two-hundred day moving average price is $4.63. The company has a market capitalization of $706.21 million, a PE ratio of -4.10 and a beta of 2.80.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Mind Medicine (MindMed)

Large investors have recently made changes to their positions in the business. Citigroup Inc. purchased a new position in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $273,000. Commonwealth Equity Services LLC purchased a new position in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $53,000. Rathbones Group PLC purchased a new position in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $78,000. Jump Financial LLC purchased a new position in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $106,000. Finally, AdvisorShares Investments LLC raised its holdings in Mind Medicine (MindMed) by 28.5% in the 3rd quarter. AdvisorShares Investments LLC now owns 117,411 shares of the company's stock worth $367,000 after acquiring an additional 26,047 shares during the last quarter. 27.91% of the stock is currently owned by hedge funds and other 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 for the treatment of core symptoms of autism spectrum disorder.