Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 7% – What’s Next?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price was down 7% on Tuesday . The stock traded as low as $8.18 and last traded at $8.34. Approximately 347,424 shares changed hands during trading, a decline of 75% from the average daily volume of 1,417,270 shares. The stock had previously closed at $8.97.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Leerink Partners began coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday. Canaccord Genuity Group reduced their price target on shares of 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. Roth Mkm began coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a “buy” rating and a $36.00 price target on the stock. Finally, Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Nine investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $25.38.

Mind Medicine (MindMed) Price Performance

The company has a market capitalization of $605.62 million, a price-to-earnings ratio of -3.71 and a beta of 2.48. The company has a 50-day moving average price of $6.24 and a 200-day moving average price of $7.23. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.92 and a current ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, equities research analysts expect that Mind Medicine will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the business’s 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 $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 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Dan Karlin sold 6,871 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,994 shares of company stock worth $173,384. Corporate insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tri Locum Partners LP lifted its stake in Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after acquiring an additional 2,459 shares during the last quarter. SageView Advisory Group LLC acquired a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth about $25,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Mind Medicine (MindMed) by 22.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock valued at $126,000 after purchasing an additional 4,079 shares during the period. Cubist Systematic Strategies LLC lifted its stake in Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after purchasing an additional 6,890 shares during the last quarter. Finally, Bridgewealth Advisory Group LLC bought a new position in Mind Medicine (MindMed) during the second quarter worth about $72,000. 27.91% of the stock is owned by institutional investors.

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.