Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 9% - Time to Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) was down 9% during mid-day trading on Friday . The company traded as low as $8.41 and last traded at $8.16. Approximately 892,665 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,974,700 shares. The stock had previously closed at $8.97.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MNMD shares. HC Wainwright reiterated a "buy" rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, January 31st. Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price for the company. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an "outperform" rating and a $20.00 target price for the company. Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set 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 research report on Tuesday, December 17th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $26.33.

Mind Medicine (MindMed) Stock Performance

The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm has a market cap of $603.51 million, a price-to-earnings ratio of -3.64 and a beta of 2.59. The stock has a 50 day moving average of $7.30 and a 200 day moving average of $6.90.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of the business's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the transaction, the insider now owns 338,013 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the business's stock in a transaction dated 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 directly owns 526,666 shares of the company's stock, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its holdings in shares of Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company's stock worth $10,326,000 after purchasing an additional 9,782 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Mind Medicine (MindMed) by 10.8% during 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 last quarter. Charles Schwab Investment Management Inc. grew its holdings 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. Bank of New York Mellon Corp boosted its holdings in Mind Medicine (MindMed) by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company's stock valued at $1,393,000 after acquiring an additional 10,338 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company's stock valued at $1,057,000 after acquiring an additional 109,152 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors.

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.