Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 4.8% – Should You Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s stock price was down 4.8% on Monday . The stock traded as low as $7.32 and last traded at $7.39. Approximately 776,748 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 1,445,610 shares. The stock had previously closed at $7.76.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MNMD shares. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Canaccord Genuity Group decreased their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price target on the stock. Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $25.38.

Mind Medicine (MindMed) Stock Down 11.9 %

The company has a current ratio of 9.00, a quick ratio of 5.92 and a debt-to-equity ratio of 0.09. The stock has a market cap of $493.44 million, a P/E ratio of -3.15 and a beta of 2.48. The company’s 50 day moving average price is $6.32 and its two-hundred day moving average price is $7.20.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares in the company, valued at approximately $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 over the last three months. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Blackstone Inc. purchased a new position in shares of Mind Medicine (MindMed) in the first quarter worth about $11,749,000. Janus Henderson Group PLC purchased a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at about $8,964,000. AWM Investment Company Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $7,830,000. Bank of New York Mellon Corp lifted its stake in Mind Medicine (MindMed) by 472.7% during the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at $1,698,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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.