Mark Sullivan Sells 11,276 Shares of Mind Medicine (MindMed) (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Mark Sullivan sold 11,276 shares of the stock in a transaction on Friday, December 26th. The stock was sold at an average price of $13.15, for a total value of $148,279.40. Following the sale, the insider directly owned 282,576 shares in the company, valued at approximately $3,715,874.40. This trade represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Mind Medicine (MindMed) Price Performance

MNMD stock traded up $0.40 during midday trading on Monday, reaching $13.46. The company had a trading volume of 1,138,671 shares, compared to its average volume of 1,616,466. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $14.43. The stock has a 50 day moving average price of $12.32 and a 200-day moving average price of $10.43. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.30 and a quick ratio of 3.30. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -6.60 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.26). Equities research analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MNMD shares. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Jones Trading started coverage on Mind Medicine (MindMed) in a research note on Tuesday, December 23rd. They set a “buy” rating and a $61.00 target price for the company. Needham & Company LLC set a $28.00 target price on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Finally, Canaccord Genuity Group increased their price objective on shares of Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $30.33.

Institutional Trading of Mind Medicine (MindMed)

A number of large investors have recently bought and sold shares of MNMD. Russell Investments Group Ltd. lifted its stake in shares of Mind Medicine (MindMed) by 110.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after purchasing an additional 2,003 shares during the period. BIT Capital GmbH bought a new stake in Mind Medicine (MindMed) in the third quarter worth approximately $26,000. CWM LLC lifted its stake in Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after buying an additional 1,796 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Mind Medicine (MindMed) by 5,593.2% during the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after buying an additional 3,300 shares in the last quarter. Finally, Sound Income Strategies LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $46,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.