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

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Canaccord Genuity Group lifted their price target on shares of Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Jones Trading initiated coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday. They issued a “buy” rating and a $61.00 price objective on the stock. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th. Royal Bank Of Canada decreased their target price on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company 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 report on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $30.33.

Mind Medicine (MindMed) Trading Down 3.7%

The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -6.59 and a beta of 2.57. The business has a 50-day moving average of $12.29 and a two-hundred day moving average of $10.31.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). Research analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 25,797 shares of the firm’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $252,036.69. Following the completion of the transaction, the chief executive officer owned 804,268 shares in the company, valued at $7,857,698.36. This trade represents a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark Sullivan sold 11,278 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $110,186.06. Following the completion of the sale, the insider owned 293,852 shares in the company, valued at approximately $2,870,934.04. This represents a 3.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 44,779 shares of company stock valued at $437,491 over the last quarter. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MNMD. FNY Investment Advisers LLC acquired a new stake in Mind Medicine (MindMed) in the third quarter worth about $107,000. Caxton Associates LLP bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $126,000. Sender Co & Partners Inc. bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $305,000. Scientech Research LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $286,000. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of Mind Medicine (MindMed) by 10.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 21,931 shares of the company’s stock worth $259,000 after buying an additional 2,079 shares during the last quarter. 27.91% of the stock is owned by institutional investors.

About Mind Medicine (MindMed)

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.