Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 2.9% After Analyst Downgrade

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price traded down 2.9% during trading on Monday after HC Wainwright lowered their price target on the stock from $75.00 to $35.00. HC Wainwright currently has a buy rating on the stock. Mind Medicine (MindMed) traded as low as $8.91 and last traded at $8.99. 233,027 shares traded hands during trading, a decline of 87% from the average session volume of 1,800,669 shares. The stock had previously closed at $9.26.

A number of other equities analysts also recently weighed in on MNMD. SVB Leerink initiated coverage on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. They issued an "outperform" rating and a $20.00 price target on the stock. Leerink Partnrs reiterated an "outperform" rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Finally, Royal Bank of Canada raised 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. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $17.67.

Insiders Place Their Bets

In related 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 transaction of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Dan Karlin sold 6,578 shares of the company'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 transaction, the insider now owns 358,452 shares of the company's stock, valued at $3,405,294. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The shares were 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 of the company's stock, valued at approximately $5,511,919. The disclosure for this sale can be found here. Company insiders own 2.11% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently modified their holdings of MNMD. SageView Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) during the first quarter worth about $25,000. Jump Financial LLC increased its holdings in shares of Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company's stock worth $135,000 after buying an additional 2,826 shares during the last quarter. Regal Investment Advisors LLC bought a new position in Mind Medicine (MindMed) in the third quarter valued at $46,000. Commonwealth Equity Services LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter valued at about $53,000. Finally, Bailard Inc. bought a new stake in Mind Medicine (MindMed) during the fourth quarter worth about $63,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Price Performance

The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $593.78 million, a PE ratio of -2.87 and a beta of 2.72. The business has a fifty day moving average price of $9.31 and a 200-day moving average price of $5.66.

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

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.