Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Insider Dan Karlin Sells 6,643 Shares

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now directly owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Mind Medicine (MindMed) Trading Down 10.4 %

Shares of NASDAQ:MNMD opened at $6.84 on Friday. Mind Medicine has a 52 week low of $3.49 and a 52 week high of $12.22. The company’s 50 day moving average is $7.25 and its two-hundred day moving average is $6.97. The company has a market cap of $501.59 million, a PE ratio of -3.03 and a beta of 2.58. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after buying an additional 203,216 shares during the last quarter. Wellington Management Group LLP lifted its stake in Mind Medicine (MindMed) by 142.6% during the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after purchasing an additional 109,152 shares during the last quarter. Rhumbline Advisers acquired a new position in Mind Medicine (MindMed) in the second quarter valued at approximately $679,000. State Street Corp raised its holdings in Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after purchasing an additional 9,782 shares in the last quarter. Finally, Marshall Wace LLP lifted its position 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 worth $15,575,000 after buying an additional 161,659 shares during the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. Canaccord Genuity Group lowered their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, HC Wainwright reissued a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Nine research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $26.75.

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.