Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Down 9% – Should You Sell?

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)’s share price traded down 9% on Friday . The company traded as low as $8.41 and last traded at $8.16. 892,665 shares were traded during mid-day trading, a decline of 55% from the average session volume of 1,974,700 shares. The stock had previously closed at $8.97.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Oppenheimer restated an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Evercore ISI started coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target for the company. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Chardan Capital started coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Ten research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $26.33.

Mind Medicine (MindMed) Trading Down 7.9 %

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 stock has a market capitalization of $605.71 million, a P/E ratio of -3.65 and a beta of 2.59. The firm’s 50 day simple moving average is $7.29 and its two-hundred day simple moving average is $6.94.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02. During the same quarter in the prior year, the company earned ($0.53) earnings per share. As a group, analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the transaction, the insider now directly owns 338,013 shares in the company, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,022 shares of company stock valued at $208,203. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MNMD. Geode Capital Management LLC grew its holdings in shares of Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after buying an additional 162,933 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Mind Medicine (MindMed) by 142.6% during the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after buying an additional 109,152 shares during the last quarter. Barclays PLC grew its holdings in shares of Mind Medicine (MindMed) by 203.6% during the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after buying an additional 91,271 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Mind Medicine (MindMed) during the third quarter valued at about $337,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Mind Medicine (MindMed) during the third quarter worth about $298,000. 27.91% of the stock is currently 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.