Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3% - Time to Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) traded down 3% on Friday . The stock traded as low as $7.96 and last traded at $8.01. 188,177 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 1,445,129 shares. The stock had previously closed at $8.26.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Friday, October 11th. HC Wainwright reaffirmed a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Canaccord Genuity Group decreased their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, September 16th. Finally, Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They set 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $25.38.

Mind Medicine (MindMed) Stock Performance

The company's 50 day moving average is $6.63 and its 200 day moving average is $7.11. The firm has a market cap of $599.11 million, a P/E ratio of -3.62 and a beta of 2.48. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Insider Activity

In related news, insider Dan Karlin sold 6,871 shares of the firm's stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares in the company, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,994 shares of company stock worth $173,384. Insiders own 2.26% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors have recently modified their holdings of MNMD. Tri Locum Partners LP lifted its holdings in Mind Medicine (MindMed) by 0.6% during the 2nd 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 period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Mind Medicine (MindMed) by 22.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company's stock worth $126,000 after acquiring an additional 4,079 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of Mind Medicine (MindMed) by 24.1% in the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company's stock worth $256,000 after acquiring an additional 6,890 shares during the period. State Street Corp boosted its holdings in Mind Medicine (MindMed) by 0.5% in the third 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 during the last quarter. Finally, Bridgewealth Advisory Group LLC acquired a new stake in Mind Medicine (MindMed) during the 2nd quarter valued at approximately $72,000. Institutional investors 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.