Dan Karlin Sells 6,578 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now directly owns 358,452 shares in the company, valued at $3,405,294. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Mind Medicine (MindMed) Stock Down 3.7 %

Shares of MNMD opened at $9.50 on Thursday. 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 fifty day simple moving average of $5.99 and a two-hundred day simple moving average of $4.23. Mind Medicine has a 1-year low of $2.41 and a 1-year high of $11.10.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). On average, equities research analysts expect that Mind Medicine will post -1.7 EPS for the current year.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its stake in Mind Medicine (MindMed) by 316.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 111,931 shares of the company’s stock valued at $410,000 after buying an additional 85,025 shares during the last quarter. Scotia Capital Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth $441,000. Jump Financial LLC raised its holdings in Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after purchasing an additional 2,826 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Mind Medicine (MindMed) by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 191,874 shares of the company’s stock valued at $702,000 after purchasing an additional 3,338 shares during the period. Finally, Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in Mind Medicine (MindMed) in the fourth quarter worth about $73,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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 for the treatment of core symptoms of autism spectrum disorder.