Mind Medicine (MindMed) (NASDAQ:MNMD) Trading Down 8.5% – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) dropped 8.5% during mid-day trading on Friday . The stock traded as low as $6.98 and last traded at $6.98. Approximately 534,967 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 1,419,024 shares. The stock had previously closed at $7.63.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Oppenheimer reissued an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Canaccord Genuity Group dropped 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 investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Stock Down 12.1 %

The stock has a market cap of $492.06 million, a price-to-earnings ratio of -2.97 and a beta of 2.58. The firm’s 50 day moving average is $7.24 and its two-hundred day moving average is $6.98. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of 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 valued at $1,775,000 after purchasing an additional 203,216 shares during the period. Geode Capital Management LLC raised its holdings 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 worth $9,548,000 after purchasing an additional 162,933 shares during the period. Marshall Wace LLP raised its stake in Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after acquiring an additional 161,659 shares during the period. Wellington Management Group LLP increased its position in Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares during the period. Finally, Rhumbline Advisers acquired a new position in shares of Mind Medicine (MindMed) during the second quarter worth approximately $679,000. 27.91% of the stock is owned by hedge funds and other 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.