Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 9% – Should You Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price dropped 9% on Friday . The company traded as low as $8.41 and last traded at $8.16. Approximately 892,665 shares traded hands during trading, a decline of 55% from the average daily volume of 1,974,700 shares. The stock had previously closed at $8.97.

Analysts Set New Price Targets

MNMD has been the topic of a number of research reports. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. 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. HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Finally, Evercore ISI assumed coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 target price on the stock. Ten equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $26.33.

Mind Medicine (MindMed) Trading Down 7.9 %

The firm has a market capitalization of $605.71 million, a price-to-earnings ratio of -3.65 and a beta of 2.59. The business has a 50-day moving average of $7.29 and a two-hundred day moving average of $6.94. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. During the same period last year, the company earned ($0.53) EPS. Research analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at $3,913,128.38. The trade was a 3.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction 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 directly 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 disclosure for this sale can be found here. Insiders sold 28,022 shares of company stock worth $208,203 in the last quarter. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of large investors have recently modified their holdings of MNMD. Geode Capital Management LLC boosted its stake in shares of Mind Medicine (MindMed) by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Mind Medicine (MindMed) by 142.6% in the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after purchasing an additional 109,152 shares during the period. Barclays PLC raised its holdings in shares of Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares during the period. XTX Topco Ltd bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $337,000. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $298,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.