Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 8.5% - Here's Why

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) traded down 8.5% during trading on Friday . The stock traded as low as $6.98 and last traded at $6.98. 534,967 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,419,024 shares. The stock had previously closed at $7.63.

Analysts Set New Price Targets

MNMD has been the subject of a number of research analyst reports. HC Wainwright restated a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Friday, October 11th. Leerink Partners started coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an "outperform" rating and a $20.00 price target for the company. Oppenheimer reaffirmed an "outperform" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a "buy" rating and a $20.00 price objective for the company. Nine analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of "Buy" and a consensus target price of $26.75.

Mind Medicine (MindMed) Stock Down 10.4 %

The stock has a market capitalization of $501.59 million, a price-to-earnings ratio of -3.03 and a beta of 2.58. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The business has a fifty day moving average of $7.25 and a 200 day moving average of $6.98.

Insider Activity

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the business's 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 sale, the chief executive officer now owns 526,666 shares of the company's stock, valued at $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Karlin sold 6,643 shares of the firm's stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the transaction, the insider now owns 338,013 shares of the company's stock, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock valued at $208,203 in the last quarter. Insiders own 2.26% of the company's stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter worth about $58,000. Bridgewealth Advisory Group LLC acquired a new stake in Mind Medicine (MindMed) during the 2nd quarter worth approximately $72,000. Wealth Alliance purchased a new position in Mind Medicine (MindMed) in the 2nd quarter valued at approximately $79,000. Sanctuary Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the third quarter worth $91,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $93,000. Institutional investors and hedge funds 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.