Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 5.3% - Here's Why

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) dropped 5.3% during mid-day trading on Tuesday . The stock traded as low as $9.33 and last traded at $9.37. Approximately 1,717,441 shares changed hands during trading, a decline of 26% from the average daily volume of 2,322,051 shares. The stock had previously closed at $9.89.

Analysts Set New Price Targets

Several equities analysts recently commented on MNMD shares. Evercore ISI assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Chardan Capital began coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a "buy" rating and a $20.00 price objective for the company. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Ten research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $26.33.

Mind Medicine (MindMed) Stock Down 1.2 %

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 firm has a market cap of $599.84 million, a P/E ratio of -3.62 and a beta of 2.59. The stock's fifty day moving average is $7.51 and its two-hundred day moving average is $6.91.

Insider Buying and Selling

In related 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 completion of the sale, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,022 shares of company stock worth $208,203. Corporate insiders own 2.26% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Diadema Partners LP bought a new stake in shares of Mind Medicine (MindMed) in the fourth quarter worth about $33,000. Hollencrest Capital Management lifted its stake in shares of Mind Medicine (MindMed) by 10,833.3% in the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company's stock valued at $50,000 after purchasing an additional 7,150 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $58,000. King Wealth Management Group purchased a new stake in Mind Medicine (MindMed) in the fourth quarter worth $70,000. Finally, Virtus ETF Advisers LLC bought a new position in Mind Medicine (MindMed) in the fourth quarter worth $70,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

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.

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