Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 2.9%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price fell 2.9% on Thursday . The stock traded as low as $8.96 and last traded at $9.25. 521,296 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,942,137 shares. The stock had previously closed at $9.53.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a "buy" rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Leerink Partnrs restated an "outperform" rating on shares of Mind Medicine (MindMed) in a research report on Monday. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a research note on Monday. They issued an "outperform" rating and a $20.00 price target on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Thursday, February 29th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of "Buy" and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Performance

The company has a market cap of $626.11 million, a P/E ratio of -3.64 and a beta of 2.81. 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 company's 50-day moving average is $7.98 and its two-hundred day moving average is $4.92.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its 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). Equities analysts predict that Mind Medicine will post -1.72 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,578 shares of the 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 completion of the transaction, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Dan Karlin sold 6,578 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now directly owns 358,452 shares of the company's stock, valued at approximately $3,405,294. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 completion of 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. Corporate insiders own 2.11% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada grew its stake in Mind Medicine (MindMed) by 60.7% during the second quarter. Royal Bank of Canada now owns 7,474 shares of the company's stock valued at $27,000 after acquiring an additional 2,824 shares in the last quarter. Jump Financial LLC boosted its holdings in Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company's stock valued at $135,000 after purchasing an additional 2,826 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Mind Medicine (MindMed) by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 191,874 shares of the company's stock valued at $702,000 after purchasing an additional 3,338 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Mind Medicine (MindMed) by 6.2% in the second quarter. Northern Trust Corp now owns 62,032 shares of the company's stock worth $221,000 after purchasing an additional 3,641 shares during the period. Finally, FMR LLC raised its position in shares of Mind Medicine (MindMed) by 40.0% in the third quarter. FMR LLC now owns 17,256 shares of the company's stock worth $54,000 after buying an additional 4,928 shares in the last quarter. 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.