Mind Medicine (MindMed) (NASDAQ:MNMD) Insider Mark Sullivan Sells 11,276 Shares

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Mark Sullivan sold 11,276 shares of the company’s stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $13.15, for a total value of $148,279.40. Following the sale, the insider owned 282,576 shares in the company, valued at $3,715,874.40. The trade was a 3.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Mind Medicine (MindMed) Stock Up 3.1%

MNMD stock traded up $0.40 during mid-day trading on Monday, reaching $13.46. The company had a trading volume of 1,138,671 shares, compared to its average volume of 1,616,466. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -6.60 and a beta of 2.57. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $14.43. The stock has a 50 day simple moving average of $12.32 and a two-hundred day simple moving average of $10.43. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.30 and a quick ratio of 3.30.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). As a group, equities analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Jones Trading started coverage on Mind Medicine (MindMed) in a report on Tuesday, December 23rd. They set a “buy” rating and a $61.00 price target for the company. Royal Bank Of Canada dropped their price objective on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Canaccord Genuity Group raised their price objective on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Finally, Lifesci Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $30.33.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently bought and sold shares of the business. Commodore Capital LP boosted its holdings in Mind Medicine (MindMed) by 10.5% in the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company’s stock valued at $32,450,000 after purchasing an additional 475,000 shares during the period. Marshall Wace LLP increased its holdings in shares of Mind Medicine (MindMed) by 31.9% during the second quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock worth $22,204,000 after purchasing an additional 828,067 shares during the period. Vanguard Group Inc. raised its position in shares of Mind Medicine (MindMed) by 11.0% in the third quarter. Vanguard Group Inc. now owns 2,012,874 shares of the company’s stock valued at $23,732,000 after buying an additional 198,878 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Mind Medicine (MindMed) by 4.0% in the second quarter. Geode Capital Management LLC now owns 1,733,454 shares of the company’s stock valued at $11,252,000 after buying an additional 66,663 shares during the period. Finally, AWM Investment Company Inc. grew its position in Mind Medicine (MindMed) by 0.6% during the second quarter. AWM Investment Company Inc. now owns 1,215,662 shares of the company’s stock worth $7,890,000 after buying an additional 7,500 shares in the last quarter. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.