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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) traded down 8.5% on Friday after an insider sold shares in the company. The company traded as low as $6.98 and last traded at $6.98. 534,967 shares traded hands during mid-day trading, a decline of 62% from the average session 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 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 sale, the insider now owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Barrow sold 19,106 shares of the firm’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 in the company, valued at $3,913,128.38. This represents 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 brokerages have issued reports on MNMD. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Oppenheimer reissued an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Chardan Capital began coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Canaccord Genuity Group decreased their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $26.75.

Mind Medicine (MindMed) Stock Down 10.4 %

The stock has a market cap of $501.59 million, a PE ratio of -3.03 and a beta of 2.58. The business has a 50 day moving average price of $7.25 and a 200 day moving average price 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 Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $58,000. Bridgewealth Advisory Group LLC acquired a new position in shares of Mind Medicine (MindMed) in the second quarter worth about $72,000. Wealth Alliance purchased a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter worth about $79,000. Sanctuary Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $91,000. Finally, SG Americas Securities LLC purchased a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $93,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.