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 stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Mind Medicine (MindMed) Stock Performance

MNMD stock traded down $0.79 during midday trading on Friday, hitting $6.84. The stock had a trading volume of 1,788,905 shares, compared to its average volume of 1,424,540. Mind Medicine has a 52 week low of $3.49 and a 52 week high of $12.22. 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 50-day simple moving average of $7.24 and a 200 day simple moving average of $6.98. The firm has a market capitalization of $501.59 million, a price-to-earnings ratio of -3.03 and a beta of 2.58.

Wall Street Analyst Weigh In

Several equities analysts have commented on MNMD shares. Canaccord Genuity Group lowered their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Leerink Partners started coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $26.75.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its stake in Mind Medicine (MindMed) by 472.7% in 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 acquiring an additional 203,216 shares during the period. Wellington Management Group LLP boosted its holdings in Mind Medicine (MindMed) by 142.6% during the third 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 in the last quarter. Rhumbline Advisers bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at approximately $679,000. State Street Corp grew its stake in shares of Mind Medicine (MindMed) by 0.5% in the 3rd 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. Finally, Marshall Wace LLP raised its holdings in shares of Mind Medicine (MindMed) by 8.1% in the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after buying an additional 161,659 shares in the last quarter. 27.91% of the stock is 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.