Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells $46,074.64 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Daniel Karlin sold 6,836 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the sale, the insider now owns 446,177 shares in the company, valued at approximately $3,007,232.98. This trade represents a 1.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Mind Medicine (MindMed) Stock Down 3.7 %

Shares of NASDAQ MNMD opened at $6.19 on Friday. Mind Medicine has a 52-week low of $5.03 and a 52-week high of $12.22. The firm has a market capitalization of $466.53 million, a price-to-earnings ratio of -2.74 and a beta of 2.57. The stock has a 50 day moving average price of $7.26 and a 200 day moving average price of $6.95. 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 (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same period last year, the firm posted ($0.59) earnings per share. Sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MNMD shares. HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Robert W. Baird lowered their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Oppenheimer reaffirmed 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 shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, Evercore ISI began coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price for the company. Ten equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and a consensus target price of $25.11.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Diadema Partners LP bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter valued at about $33,000. Hollencrest Capital Management raised its stake in Mind Medicine (MindMed) by 10,833.3% in the fourth quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock worth $50,000 after buying an additional 7,150 shares in the last quarter. King Wealth Management Group purchased a new stake in Mind Medicine (MindMed) during the fourth quarter worth $70,000. Virtus ETF Advisers LLC bought a new stake in Mind Medicine (MindMed) during the 4th quarter valued at $70,000. Finally, Sharpepoint LLC purchased a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at $71,000. 27.91% of the stock is currently owned by 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.