Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells 6,643 Shares of Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,643 shares of the company’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 completion of the transaction, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Mind Medicine (MindMed) Trading Down 10.4 %

MNMD traded down $0.79 during midday trading on Friday, reaching $6.84. 1,788,905 shares of the company’s stock traded hands, compared to its average volume of 1,424,540. The firm has a fifty day moving average of $7.24 and a two-hundred day moving average of $6.98. Mind Medicine has a 52 week low of $3.49 and a 52 week high of $12.22. The stock has a market capitalization of $501.59 million, a price-to-earnings ratio of -3.03 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.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MNMD. Marshall Wace LLP boosted its stake in shares of Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after purchasing an additional 161,659 shares in the last quarter. State Street Corp lifted its stake in shares of 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 period. Geode Capital Management LLC boosted its position 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 valued at $9,548,000 after purchasing an additional 162,933 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Mind Medicine (MindMed) by 8.3% in 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 period. Finally, Tri Locum Partners LP increased its stake in shares of Mind Medicine (MindMed) by 0.6% in the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after acquiring an additional 2,459 shares in the last quarter. 27.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MNMD has been the topic of a number of research analyst reports. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target on the stock. Leerink Partners began 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. HC Wainwright reaffirmed a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Oppenheimer reissued an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Canaccord Genuity Group reduced their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $26.75.

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.