Dan Karlin Sells 6,578 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) insider Dan Karlin sold 6,578 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Mind Medicine (MindMed) Stock Down 1.1 %

MNMD stock opened at $9.40 on Friday. The firm has a 50 day moving average of $6.11 and a 200-day moving average of $4.26. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $11.10.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Equities analysts expect that Mind Medicine will post -1.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MNMD has been the subject of several research reports. Canaccord Genuity Group began coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 5th. They set a “buy” rating and a $9.00 price target for the company. Royal Bank of Canada increased their target price on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $24.83.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $273,000. Commonwealth Equity Services LLC purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $53,000. Rathbones Group PLC purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $78,000. Jump Financial LLC purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $106,000. Finally, AdvisorShares Investments LLC raised its stake in Mind Medicine (MindMed) by 28.5% in the third quarter. AdvisorShares Investments LLC now owns 117,411 shares of the company’s stock valued at $367,000 after purchasing an additional 26,047 shares in the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

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 for the treatment of core symptoms of autism spectrum disorder.