Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CAO Sells $16,888.39 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CAO Carrie Liao sold 2,273 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $16,888.39. Following the completion of the sale, the chief accounting officer now directly owns 97,270 shares in the company, valued at approximately $722,716.10. This represents a 2.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Mind Medicine (MindMed) Stock Down 10.4 %

Shares of NASDAQ MNMD traded down $0.79 during trading hours on Friday, hitting $6.84. 1,788,905 shares of the stock were exchanged, compared to its average volume of 1,424,540. Mind Medicine has a 12 month low of $3.49 and a 12 month high of $12.22. The firm has a fifty day moving average price of $7.24 and a 200-day moving average price of $6.98. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market cap of $501.59 million, a PE ratio of -3.03 and a beta of 2.58.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares in the last quarter. Geode Capital Management LLC raised its holdings 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 buying an additional 162,933 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after buying an additional 161,659 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Mind Medicine (MindMed) by 142.6% in the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after acquiring an additional 109,152 shares during the period. Finally, Rhumbline Advisers purchased a new position in Mind Medicine (MindMed) in the 2nd quarter worth $679,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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