Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 4.3% – Here’s What Happened

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) traded down 4.3% during trading on Wednesday . The company traded as low as $13.43 and last traded at $13.4180. 377,113 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,613,769 shares. The stock had previously closed at $14.02.

Wall Street Analyst Weigh In

MNMD has been the subject of several research reports. Jones Trading assumed coverage on Mind Medicine (MindMed) in a research report on Tuesday. They set a “buy” rating and a $61.00 price objective for the company. Needham & Company LLC set a $28.00 price target on Mind Medicine (MindMed) and gave the stock a “buy” rating in a report on Monday, October 13th. Royal Bank Of Canada reduced their price objective on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. Canaccord Genuity Group lifted their price objective on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Three 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 presently has a consensus rating of “Buy” and an average price target of $30.33.

Mind Medicine (MindMed) Stock Performance

The company has a market cap of $1.33 billion, a price-to-earnings ratio of -6.59 and a beta of 2.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.30 and a current ratio of 3.30. The stock’s fifty day simple moving average is $12.29 and its two-hundred day simple moving average is $10.31.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.26). Equities research analysts anticipate that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,704 shares of the business’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $75,268.08. Following the transaction, the insider owned 430,625 shares in the company, valued at $4,207,206.25. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark Sullivan sold 11,278 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $110,186.06. Following the transaction, the insider directly owned 293,852 shares in the company, valued at $2,870,934.04. This trade represents a 3.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 44,779 shares of company stock valued at $437,491 over the last three months. 2.26% of the stock is owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP grew its position in shares of Mind Medicine (MindMed) by 31.9% in the 2nd quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock worth $22,204,000 after acquiring an additional 828,067 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Mind Medicine (MindMed) by 16.2% during the first quarter. Wellington Management Group LLP now owns 225,928 shares of the company’s stock valued at $1,322,000 after acquiring an additional 31,437 shares during the period. Geode Capital Management LLC boosted its stake in Mind Medicine (MindMed) by 4.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,733,454 shares of the company’s stock valued at $11,252,000 after purchasing an additional 66,663 shares during the period. Ally Bridge Group NY LLC boosted its position in shares of Mind Medicine (MindMed) by 18.1% during the first quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company’s stock worth $2,282,000 after buying an additional 59,868 shares during the period. Finally, Persistent Asset Partners Ltd bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth $238,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.