Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3.1%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s stock price fell 3.1% during mid-day trading on Wednesday . The company traded as low as $9.55 and last traded at $9.57. 223,976 shares were traded during mid-day trading, a decline of 89% from the average session volume of 1,953,093 shares. The stock had previously closed at $9.88.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MNMD. Royal Bank of Canada upped 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. HC Wainwright restated a "buy" rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a research report on Monday. They set an "outperform" rating and a $20.00 price target on the stock. Finally, Leerink Partnrs reaffirmed an "outperform" rating on shares of Mind Medicine (MindMed) in a research report on Monday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Mind Medicine (MindMed) currently has an average rating of "Buy" and a consensus target price of $25.20.

Mind Medicine (MindMed) Price Performance

The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $7.89 and a 200 day moving average price of $4.89. The stock has a market cap of $669.67 million, a PE ratio of -3.89 and a beta of 2.81.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings data 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). As a group, research analysts forecast that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,578 shares of the stock in a transaction dated 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 owns 358,452 shares of the company's stock, valued at approximately $3,405,294. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares of the company's stock, valued at approximately $5,511,919. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, 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 insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in 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 acquiring an additional 2,824 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $28,000. Virtu Financial LLC bought a new position in Mind Medicine (MindMed) in the 1st quarter worth about $29,000. Regal Investment Advisors LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $46,000. Finally, Commonwealth Equity Services LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $53,000. 27.91% of the stock is currently owned by 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 for the treatment of core symptoms of autism spectrum disorder.