Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 5.3% - Time to Sell?

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

Analyst Upgrades and Downgrades

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

Mind Medicine (MindMed) Price Performance

The company's 50-day moving average is $7.54 and its two-hundred day moving average is $6.92. 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 firm has a market cap of $559.51 million, a P/E ratio of -3.38 and a beta of 2.59.

Insider Buying and Selling

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

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP lifted its stake in Mind Medicine (MindMed) by 9.3% in the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after purchasing an additional 213,526 shares during the last quarter. State Street Corp lifted its stake in 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 last quarter. Geode Capital Management LLC lifted its stake in Mind Medicine (MindMed) by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock valued at $11,996,000 after purchasing an additional 45,386 shares during the last quarter. AWM Investment Company Inc. lifted its stake in Mind Medicine (MindMed) by 39.9% in the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock valued at $8,304,000 after purchasing an additional 340,162 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in Mind Medicine (MindMed) by 0.3% in the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company's stock valued at $6,996,000 after purchasing an additional 2,654 shares during the last quarter. 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.