Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 8.5% – Time to Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) was down 8.5% during trading on Friday . The company traded as low as $6.98 and last traded at $6.98. Approximately 534,967 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,419,024 shares. The stock had previously closed at $7.63.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Leerink Partners started coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 target price on the stock. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Canaccord Genuity Group lowered their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. HC Wainwright restated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Stock Performance

The stock’s fifty day simple moving average is $7.24 and its 200 day simple moving average is $6.98. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market cap of $492.06 million, a price-to-earnings ratio of -2.97 and a beta of 2.58.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in shares of Mind Medicine (MindMed) by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after purchasing an additional 2,797 shares during the period. Sanctuary Advisors LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter worth about $91,000. Barclays PLC lifted its holdings in Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after buying an additional 91,271 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $337,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.