Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Dan Karlin Sells 6,643 Shares

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the transaction, the insider now directly owns 338,013 shares in the company, valued at $2,511,436.59. This represents a 1.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Mind Medicine (MindMed) Stock Down 10.4 %

NASDAQ:MNMD opened at $6.84 on Friday. The company’s 50-day simple moving average is $7.25 and its 200-day simple moving average is $6.98. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. Mind Medicine has a fifty-two week low of $3.49 and a fifty-two week high of $12.22. The stock has a market capitalization of $501.59 million, a P/E ratio of -3.03 and a beta of 2.58.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MNMD shares. Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Canaccord Genuity Group cut their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Finally, Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $26.75.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of Mind Medicine (MindMed) by 472.7% during the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares in the last quarter. Geode Capital Management LLC grew its stake in Mind Medicine (MindMed) by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. Marshall Wace LLP grew its stake in Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after buying an additional 161,659 shares during the last quarter. Wellington Management Group LLP increased its position in Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after buying an additional 109,152 shares in the last quarter. Finally, Rhumbline Advisers purchased a new stake in Mind Medicine (MindMed) in the second quarter valued at about $679,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.