Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Sells $156,930.50 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Robert Barrow sold 16,519 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Mind Medicine (MindMed) Stock Down 5.5 %

NASDAQ MNMD traded down $0.57 during mid-day trading on Tuesday, hitting $9.86. The company’s stock had a trading volume of 2,610,260 shares, compared to its average volume of 1,971,559. The company’s 50 day simple moving average is $5.76 and its 200 day simple moving average is $4.15. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $11.10. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $407.51 million, a price-to-earnings ratio of -4.23 and a beta of 2.65.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Analysts anticipate that Mind Medicine will post -1.7 earnings per share for the current year.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently made changes to their positions in MNMD. Royal Bank of Canada raised its stake in shares of Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after purchasing an additional 2,824 shares during the period. Qube Research & Technologies Ltd purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter worth about $28,000. Virtu Financial LLC purchased a new stake in Mind Medicine (MindMed) in the 1st quarter worth about $29,000. Regal Investment Advisors LLC purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter worth about $46,000. Finally, Commonwealth Equity Services LLC purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter worth about $53,000. 27.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on MNMD shares. Royal Bank of Canada raised their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Finally, Canaccord Genuity Group started coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 5th. They set a “buy” rating and a $9.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and an average target price of $24.83.

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 for the treatment of core symptoms of autism spectrum disorder.