Mind Medicine (MindMed) Inc. CAO Sells Stock Worth $16,888.39

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) announced that its Chief Accounting Officer, Carrie Liao, sold 2,273 shares in a transaction that took place on Thursday, December 26th. The shares were sold at an average price of $7.43 per share, culminating in a total transaction value of $16,888.39. Following this transaction, Carrie Liao now directly holds 97,270 shares of Mind Medicine, which are valued at approximately $722,716.10. This transaction accounts for a 2.28% decrease in her holding of the company's stock. Relevant details of the sale were disclosed through a document submitted to the Securities and Exchange Commission (SEC) which can be viewed on their website.

Recent Performance of Mind Medicine (MindMed) Stock

On Friday, during trading hours, shares of Mind Medicine (NASDAQ: MNMD) experienced a decrease of 10.4%, dropping $0.79 to hit $6.84. In total, 1,788,905 shares were traded, which is higher than the average trading volume of 1,424,540 shares. Over the past year, the stock has recorded a low of $3.49 and a high of $12.22. As of now, the company exhibits a fifty-day moving average price of $7.24 and a 200-day moving average price of $6.98. Financial metrics for the company indicate a quick ratio of 9.00, a current ratio of 9.00, and a low debt-to-equity ratio of 0.09. Mind Medicine holds a market capitalization of $501.59 million, with a PE ratio of -3.03 and a beta of 2.58.

Institutional Investment Activity

Recently, various hedge funds have adjusted their stakes in Mind Medicine (MindMed). For example, Bank of New York Mellon Corp significantly increased its stake by 472.7% during the second quarter, now owning 246,208 shares worth $1,775,000 after an acquisition of 203,216 shares. Another institutional player, Geode Capital Management LLC, raised its holdings by 10.8% in the third quarter, amassing 1,677,702 shares valued at $9,548,000 after a purchase of 162,933 shares. Further, firms like Marshall Wace LLP and Wellington Management Group LLC also increased their positions, demonstrating a notable interest in the company. Currently, institutional investors and hedge funds hold approximately 27.91% of the stock.

Analyst Ratings and Price Targets

A number of analysts have commented on the stock recently. Leerink Partners have raised their rating on Mind Medicine (MindMed) to a 'strong-buy' as of October 11. Oppenheimer reiterated an 'outperform' rating and set a price target of $20.00 in mid-December. HC Wainwright has established a buy rating with a more ambitious target price of $55.00. Furthermore, while Canaccord Genuity Group decreased their target from $16.00 to $14.00 maintaining a buy rating, the consensus rating across several equities analysts remains strong with nine analysts suggesting a buy and three endorsing a strong buy as per MarketBeat.
According to the same platform, Mind Medicine (MindMed) currently has an average target price of $26.75.

Company Overview of Mind Medicine (MindMed)

Mind Medicine (MindMed) Inc. focuses on developing innovative products for treating brain health disorders. Noteworthy among its product candidates are MM-120, which is advancing through phase 2 trials aimed at addressing generalized anxiety disorder and ADHD, along with MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, currently undergoing phase I clinical trials intended to treat primary symptoms within the autism spectrum disorder category.

MindMed, Stock, CAO