Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells 6,643 Shares of Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction dated 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 in the company, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Mind Medicine (MindMed) Trading Down 10.4 %

MNMD stock opened at $6.84 on Monday. Mind Medicine has a 12-month low of $3.49 and a 12-month high of $12.22. The business’s 50-day moving average is $7.25 and its 200 day moving average is $6.97. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock has a market cap of $501.59 million, a price-to-earnings ratio of -3.03 and a beta of 2.58.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Mind Medicine (MindMed) in the second quarter worth about $679,000. State Street Corp grew its stake in Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after acquiring an additional 9,782 shares in the last quarter. Finally, 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 valued at $15,575,000 after acquiring an additional 161,659 shares in the last quarter. 27.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on MNMD shares. Chardan Capital began coverage on 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. HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Oppenheimer restated an “outperform” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, Leerink Partners initiated coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target for the company. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus price target of $26.75.

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.