Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Sells $141,957.58 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the sale, the chief executive officer now owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Mind Medicine (MindMed) Stock Performance

MNMD opened at $6.84 on Friday. The company has a market cap of $501.59 million, a P/E ratio of -3.03 and a beta of 2.58. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $7.25 and its 200-day moving average price is $6.97. Mind Medicine has a 52-week low of $3.49 and a 52-week high of $12.22.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MNMD shares. Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Chardan Capital started coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Canaccord Genuity Group decreased their price target on shares of 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 research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Mind Medicine (MindMed) has an average rating of “Buy” and a consensus target price of $26.75.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings 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 valued at $1,775,000 after buying an additional 203,216 shares during the last quarter. Wellington Management Group LLP grew its stake 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 purchasing an additional 109,152 shares during the last quarter. Rhumbline Advisers acquired a new position in shares of Mind Medicine (MindMed) in the second quarter valued at about $679,000. State Street Corp raised its stake 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 worth $10,326,000 after purchasing an additional 9,782 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after purchasing an additional 161,659 shares during the period. Institutional investors and hedge funds 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.