Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 8.5% After Insider Selling

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) shares were down 8.5% on Friday following insider selling activity. The company traded as low as $6.98 and last traded at $6.98. Approximately 534,967 shares changed hands during trading, a decline of 62% from the average daily volume of 1,419,024 shares. The stock had previously closed at $7.63.

Specifically, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the sale, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MNMD shares. HC Wainwright reissued a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Oppenheimer reissued an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, Canaccord Genuity Group dropped their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Mind Medicine (MindMed) has an average rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Trading Down 10.4 %

The firm has a market cap of $501.59 million, a price-to-earnings ratio of -3.03 and a beta of 2.58. The business has a 50 day moving average of $7.25 and a 200 day moving average of $6.97. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tri Locum Partners LP raised its position in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after buying an additional 2,459 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Mind Medicine (MindMed) by 8.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock valued at $211,000 after acquiring an additional 2,797 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Mind Medicine (MindMed) by 22.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after purchasing an additional 4,079 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in shares of Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after purchasing an additional 6,890 shares during the last quarter. Finally, State Street Corp grew its position in shares of Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares during the period. 27.91% of the stock is currently owned by hedge funds and other 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.