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 Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the transaction, the insider now directly owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Mind Medicine (MindMed) Price Performance

MNMD opened at $9.50 on Thursday. The stock has a 50-day moving average price of $5.99 and a 200-day moving average price of $4.23. Mind Medicine has a 12-month low of $2.41 and a 12-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.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results 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). As a group, equities analysts expect that Mind Medicine will post -1.7 EPS for the current year.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently bought and sold shares of MNMD. State Street Corp raised its position in shares of Mind Medicine (MindMed) by 7.3% in the 1st quarter. State Street Corp now owns 6,145,503 shares of the company’s stock worth $6,822,000 after acquiring an additional 416,765 shares in the last quarter. Millennium Management LLC lifted its holdings in Mind Medicine (MindMed) by 1,063.1% in the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock valued at $3,249,000 after acquiring an additional 4,638,774 shares during the period. Swiss National Bank lifted its stake in shares of Mind Medicine (MindMed) by 23.1% in the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock worth $1,079,000 after purchasing an additional 178,300 shares during the period. Bank of New York Mellon Corp grew its position in shares of Mind Medicine (MindMed) by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock valued at $1,039,000 after acquiring an additional 16,746 shares during the period. Finally, LPL Financial LLC bought a new stake in Mind Medicine (MindMed) during the second quarter valued at about $496,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MNMD. Royal Bank of Canada upped their price target 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. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Finally, Canaccord Genuity Group started coverage on Mind Medicine (MindMed) in a research report on Tuesday, December 5th. They set a “buy” rating and a $9.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus 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.