Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 3.2% on Insider Selling

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was down 3.2% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $10.10 and last traded at $10.10. Approximately 876,247 shares traded hands during trading, a decline of 55% from the average daily volume of 1,939,687 shares. The stock had previously closed at $10.43.

Specifically, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares of the company’s stock, valued at $5,511,919. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares of the company’s stock, valued at $5,511,919. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the sale, the insider now directly owns 358,452 shares in the company, valued at approximately $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on MNMD shares. Royal Bank of Canada boosted their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Finally, Canaccord Genuity Group started coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, December 5th. They set a “buy” rating and a $9.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $24.83.

Mind Medicine (MindMed) Price Performance

The stock’s fifty day moving average is $5.99 and its 200 day moving average is $4.23. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Equities research analysts expect that Mind Medicine will post -1.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth about $273,000. Commonwealth Equity Services LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at about $53,000. Rathbones Group PLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at about $78,000. Jump Financial LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at about $106,000. Finally, AdvisorShares Investments LLC grew its position in Mind Medicine (MindMed) by 28.5% during the 3rd quarter. AdvisorShares Investments LLC now owns 117,411 shares of the company’s stock valued at $367,000 after purchasing an additional 26,047 shares during the last quarter. 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 for the treatment of core symptoms of autism spectrum disorder.