Mind Medicine (MindMed) (NASDAQ:MNMD) Shares Gap Down to $7.25

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) gapped down prior to trading on Friday . The stock had previously closed at $7.25, but opened at $7.03. Mind Medicine (MindMed) shares last traded at $7.27, with a volume of 373,761 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Baird R W upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, May 24th. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price objective (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research report on Monday, May 13th. Royal Bank of Canada restated an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Finally, Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus target price of $20.00.

Mind Medicine (MindMed) Stock Down 0.6 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 3.91 and a quick ratio of 3.91. The company has a market capitalization of $506.65 million, a P/E ratio of -2.45 and a beta of 2.64. The company has a 50 day moving average of $8.30 and a 200-day moving average of $6.87.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.06. As a group, equities analysts anticipate that Mind Medicine will post -1.36 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Dan Karlin sold 6,925 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the sale, the insider now directly owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $113,057.98. Following the completion of the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at $4,076,000.46. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds have recently added to or reduced their stakes in the company. SageView Advisory Group LLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter worth approximately $25,000. Bailard Inc. purchased a new position in Mind Medicine (MindMed) in the 4th quarter worth approximately $63,000. Sequoia Financial Advisors LLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter worth approximately $168,000. Mitchell Mcleod Pugh & Williams Inc. purchased a new position in Mind Medicine (MindMed) in the 4th quarter worth approximately $73,000. Finally, Virtu Financial LLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter worth approximately $239,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Company Profile

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.