Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Dan Karlin Sells 6,871 Shares

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now directly owns 344,656 shares of the company’s stock, valued at $2,061,042.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Mind Medicine (MindMed) Price Performance

MNMD stock traded down $0.10 during mid-day trading on Wednesday, reaching $5.96. 588,328 shares of the company traded hands, compared to its average volume of 1,506,363. The company has a fifty day moving average price of $6.94 and a 200-day moving average price of $8.04. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The company has a market capitalization of $428.36 million, a P/E ratio of -2.06 and a beta of 2.53. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, analysts anticipate that Mind Medicine will post -1.27 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Robert W. Baird started coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They set an “outperform” rating and a $27.00 target price for the company. HC Wainwright boosted their target price on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Canaccord Genuity Group cut their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Finally, Roth Mkm began coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price objective on the stock. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $25.38.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MNMD. Blackstone Inc. bought a new stake in Mind Medicine (MindMed) during the first quarter valued at $11,749,000. Janus Henderson Group PLC bought a new position in Mind Medicine (MindMed) in the 1st quarter worth about $8,964,000. AWM Investment Company Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at about $7,830,000. Bank of New York Mellon Corp boosted its position in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after acquiring an additional 203,216 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Mind Medicine (MindMed) during the first quarter worth about $1,698,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.