Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Down to $7.25

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares gapped down prior to trading on Friday . The stock had previously closed at $7.25, but opened at $7.03. Mind Medicine (MindMed) shares last traded at $7.27, with a volume of 373,761 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. They issued an “outperform” rating and a $20.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price objective (down previously from $29.00) on shares of Mind Medicine (MindMed) in a report on Monday, May 13th. Leerink Partnrs reiterated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Robert W. Baird started coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They issued an “outperform” rating and a $27.00 target price on the stock. Finally, Baird R W upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $20.00.

Mind Medicine (MindMed) Stock Down 0.6 %

The stock has a market capitalization of $506.65 million, a price-to-earnings ratio of -2.45 and a beta of 2.64. The business’s 50-day moving average is $8.30 and its two-hundred day moving average is $6.87. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.06. Equities analysts anticipate that Mind Medicine will post -1.36 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the transaction, the chief executive officer now directly owns 564,543 shares in the company, valued at approximately $4,076,000.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the transaction, the chief executive officer now directly owns 564,543 shares in the company, valued at approximately $4,076,000.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,925 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares in the company, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $239,000. Tidal Investments LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $1,698,000. AWM Investment Company Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $7,830,000. Janus Henderson Group PLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $8,964,000. Finally, Blackstone Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $11,749,000. 27.91% of the stock is 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.