Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 3.7% - Should You Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report)'s share price dropped 3.7% on Friday . The stock traded as low as $7.20 and last traded at $7.26. Approximately 550,789 shares were traded during trading, a decline of 35% from the average daily volume of 853,884 shares. The stock had previously closed at $7.54.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. 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 objective for the company. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an "outperform" rating and a $20.00 price objective on the stock. Canaccord Genuity Group cut their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, September 16th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Friday, October 11th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a report 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.com, the stock currently has an average rating of "Buy" and a consensus price target of $26.75.

Mind Medicine (MindMed) Stock Down 4.8 %

The business has a 50-day moving average of $7.33 and a 200 day moving average of $6.95. The company has a market capitalization of $526.52 million, a PE ratio of -3.18 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.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 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 transaction of $49,357.49. Following the sale, the insider now directly owns 338,013 shares of the company's stock, valued at $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Barrow sold 19,106 shares of the firm's stock in a transaction that occurred on Thursday, December 26th. The shares were 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 directly 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its position in shares of Mind Medicine (MindMed) by 8.1% during the second 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 position 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 acquiring an additional 9,782 shares during the last quarter. Geode Capital Management LLC increased its stake in 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 purchasing an additional 162,933 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Mind Medicine (MindMed) by 8.3% during the third 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 during the last quarter. Finally, Tri Locum Partners LP boosted its stake in shares of Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company's stock valued at $2,755,000 after purchasing an additional 2,459 shares during the period. 27.91% of the stock is currently owned by institutional investors.

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.