Insider Selling: Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Sells $49,998.50 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the sale, the insider now directly owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The sale was disclosed in a filing with the SEC, which is available at this link.

Mind Medicine (MindMed) Price Performance

Shares of MNMD stock opened at $7.25 on Friday. The firm’s 50 day moving average price is $8.33 and its 200-day moving average price is $6.82. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.91 and a current ratio of 3.91. Mind Medicine has a one year low of $2.41 and a one year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.60) EPS for the quarter, topping the consensus estimate of ($0.66) by $0.06. On average, research analysts forecast that Mind Medicine will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Large investors have recently made changes to their positions in the stock. SageView Advisory Group LLC acquired a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $25,000. Bailard Inc. purchased a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $63,000. Sequoia Financial Advisors LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $168,000. Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $73,000. Finally, Virtu Financial LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $239,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MNMD shares. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price objective (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research note on Monday, May 13th. SVB Leerink started coverage on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price on the stock. Robert W. Baird started coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, May 28th. They issued an “outperform” rating and a $27.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Finally, Baird R W upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Mind Medicine (MindMed) has an average rating of “Buy” and a consensus price target of $20.00.

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.