Mind Medicine (MindMed) (NASDAQ:MNMD) CEO Sells $339,151.65 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CEO Robert Barrow sold 25,791 shares of the stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $13.15, for a total value of $339,151.65. Following the transaction, the chief executive officer owned 778,477 shares in the company, valued at approximately $10,236,972.55. This trade represents a 3.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD traded up $0.40 during trading hours on Monday, hitting $13.46. 1,138,671 shares of the stock were exchanged, compared to its average volume of 1,616,466. Mind Medicine has a one year low of $4.70 and a one year high of $14.43. The company’s 50 day moving average is $12.32 and its 200 day moving average is $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 firm has a market capitalization of $1.33 billion, a P/E 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). On average, research analysts expect that Mind Medicine will post -1.35 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MNMD. Canaccord Genuity Group raised their price objective on shares of Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Needham & Company LLC set a $28.00 target price on Mind Medicine (MindMed) and gave the stock a “buy” rating in a research report on Monday, October 13th. Jones Trading assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, December 23rd. They set a “buy” rating and a $61.00 price target on the stock. Finally, Royal Bank Of Canada reduced their price objective on 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. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $30.33.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors have recently bought and sold shares of MNMD. Russell Investments Group Ltd. grew its position in Mind Medicine (MindMed) by 110.4% in the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after acquiring an additional 2,003 shares during the period. BIT Capital GmbH acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $26,000. CWM LLC grew its holdings in shares of Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after purchasing an additional 1,796 shares during the last quarter. Fifth Third Bancorp increased its position 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 purchasing an additional 3,300 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new position in Mind Medicine (MindMed) during the 3rd quarter valued at about $46,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.