Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells $49,357.49 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) insider Dan Karlin sold 6,643 shares of the business'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 completion of the sale, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Mind Medicine (MindMed) Stock Down 10.4 %

NASDAQ MNMD traded down $0.79 during trading on Friday, reaching $6.84. 1,788,905 shares of the company's stock were exchanged, compared to its average volume of 1,424,540. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a fifty-two week low of $3.49 and a fifty-two week high of $12.22. The company's fifty day simple moving average is $7.25 and its 200-day simple moving average is $6.98. The firm has a market capitalization of $501.59 million, a PE ratio of -3.03 and a beta of 2.58.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MNMD. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Friday, October 11th. Canaccord Genuity Group decreased their target price 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. Chardan Capital started coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a "buy" rating and a $20.00 target price on the stock. Leerink Partners began coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an "outperform" rating and a $20.00 price target for the company. Finally, Oppenheimer reissued an "outperform" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Mind Medicine (MindMed) has an average rating of "Buy" and an average target price of $26.75.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its stake in Mind Medicine (MindMed) by 8.1% in the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company's stock valued at $15,575,000 after buying an additional 161,659 shares during the period. State Street Corp grew its holdings in shares of 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. Geode Capital Management LLC increased its stake in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company's stock worth $9,548,000 after acquiring an additional 162,933 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Mind Medicine (MindMed) by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company's stock worth $3,428,000 after purchasing an additional 46,187 shares in the last quarter. Finally, Tri Locum Partners LP increased its holdings in Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company's stock worth $2,755,000 after buying an additional 2,459 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.