Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 6.5%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) shares dropped 6.5% during trading on Thursday . The company traded as low as $10.05 and last traded at $10.19. Approximately 864,042 shares traded hands during trading, a decline of 57% from the average daily volume of 1,995,387 shares. The stock had previously closed at $10.90.

Wall Street Analyst Weigh In

MNMD has been the topic of a number of research analyst reports. HC Wainwright reiterated a "buy" rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Royal Bank of Canada boosted their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an "outperform" rating in a research report on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $24.83.

Mind Medicine (MindMed) Stock Performance

The company has a market capitalization of $720.27 million, a price-to-earnings ratio of -4.18 and a beta of 2.81. The stock has a fifty day moving average price of $7.32 and a two-hundred day moving average price of $4.67. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18.

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 for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.11). As a group, analysts forecast that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other 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 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 accessible through this hyperlink. In other news, CEO Robert Barrow sold 16,519 shares of the company's stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the sale, the chief executive officer now owns 580,202 shares of the company's stock, valued at $5,511,919. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Karlin sold 6,578 shares of the company's stock in a transaction dated Monday, March 25th. The stock was 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 directly owns 358,452 shares of the company's stock, valued at approximately $3,405,294. The disclosure for this sale can be found here. Insiders own 2.11% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently modified their holdings of MNMD. Millennium Management LLC boosted its holdings in Mind Medicine (MindMed) by 1,063.1% in the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company's stock valued at $3,249,000 after purchasing an additional 4,638,774 shares during the last quarter. LPL Financial LLC acquired a new stake in Mind Medicine (MindMed) during the second quarter valued at approximately $496,000. Cubist Systematic Strategies LLC acquired a new stake in Mind Medicine (MindMed) during the second quarter valued at approximately $328,000. State Street Corp raised its stake in Mind Medicine (MindMed) by 7.3% during the first quarter. State Street Corp now owns 6,145,503 shares of the company's stock valued at $6,822,000 after buying an additional 416,765 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new stake in Mind Medicine (MindMed) during the fourth quarter valued at approximately $619,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

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 for the treatment of core symptoms of autism spectrum disorder.