Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price Down 1%

Posted by Defense World Staff on Sep 20th, 2023

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Free Report) was down 1% during mid-day trading on Tuesday . The stock traded as low as $3.95 and last traded at $4.03. Approximately 400,587 shares changed hands during trading, a decline of 22% from the average daily volume of 516,450 shares. The stock had previously closed at $4.07.

Analysts Set New Price Targets

Several analysts have issued reports on MNMD shares. HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, August 4th. Royal Bank of Canada upped their price objective on shares of Mind Medicine (MindMed) from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $7.00 price objective on shares of Mind Medicine (MindMed) in a research note on Tuesday, August 22nd. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $22.67.

Check Out Our Latest Report on MNMD

Mind Medicine (MindMed) Price Performance

The stock’s 50 day simple moving average is $4.23 and its two-hundred day simple moving average is $3.68. The firm has a market cap of $160.07 million, a P/E ratio of -2.03 and a beta of 2.17.

Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last announced its earnings results on Thursday, August 3rd. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.18). Equities research analysts anticipate that Mind Medicine will post -2.49 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CFO Schond L. Greenway sold 11,635 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $3.20, for a total transaction of $37,232.00. Following the completion of the transaction, the chief financial officer now owns 248,031 shares of the company’s stock, valued at $793,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Schond L. Greenway sold 20,000 shares of the stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $3.80, for a total transaction of $76,000.00. Following the sale, the chief financial officer now owns 228,031 shares in the company, valued at $866,517.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Schond L. Greenway sold 11,635 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $3.20, for a total transaction of $37,232.00. Following the completion of the sale, the chief financial officer now owns 248,031 shares in the company, valued at approximately $793,699.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 53,920 shares of company stock valued at $184,544. Corporate insiders own 2.11% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in Mind Medicine (MindMed) by 60.7% in the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after purchasing an additional 2,824 shares during the last quarter. BlackRock Inc. boosted its holdings in Mind Medicine (MindMed) by 22.4% in the second quarter. BlackRock Inc. now owns 553,312 shares of the company’s stock worth $1,975,000 after purchasing an additional 101,320 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Mind Medicine (MindMed) by 9.1% in the second quarter. Geode Capital Management LLC now owns 371,010 shares of the company’s stock worth $1,325,000 after purchasing an additional 30,955 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Mind Medicine (MindMed) by 6.2% during the 2nd quarter. Northern Trust Corp now owns 62,032 shares of the company’s stock worth $221,000 after acquiring an additional 3,641 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Mind Medicine (MindMed) by 86.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 64,058 shares of the company’s stock worth $229,000 after acquiring an additional 29,782 shares during the last quarter. Hedge funds and other institutional investors own 9.73% of the company’s stock.

About Mind Medicine (MindMed)

(Get Free Report)

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.