Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) CAO Sells $16,888.39 in Stock

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) recently saw its Chief Accounting Officer, Carrie Liao, sell 2,273 shares of the company's stock. This transaction occurred on Thursday, December 26th, and the shares were sold at an average price of $7.43, amounting to a total of $16,888.39 for the sale. After this transaction, Liao now directly owns 97,270 shares, which are valued at about $722,716.10. This sale signifies a decrease of 2.28% in her ownership stake. Details of the transaction were filed with the Securities and Exchange Commission (SEC) and can be found through their official resources.

Mind Medicine (MindMed) Stock Performance

On Friday, shares of Mind Medicine (MindMed) traded down by $0.79, bringing the stock price to $6.84 during trading hours. The volume for the day reached 1,788,905 shares, surpassing the average trading volume of 1,424,540 shares. Over the past year, the stock has hit a low of $3.49 and a high of $12.22. Currently, the fifty-day moving average stands at $7.24, while the 200-day moving average is at $6.98. The company holds a quick ratio of 9.00, a current ratio also of 9.00, and a low debt-to-equity ratio of 0.09. With a market capitalization of approximately $501.59 million, Mind Medicine (MindMed) has a price-to-earnings (PE) ratio of -3.03 and a beta of 2.58, indicating higher volatility compared to the market.

Institutional Activity

Recently, several institutional investors have either increased or decreased their stakes in Mind Medicine (MindMed). Notably, Bank of New York Mellon Corp raised its investment in the company by an impressive 472.7% during the second quarter, acquiring an additional 203,216 shares for a total holding of 246,208 shares valued at $1,775,000. Meanwhile, Geode Capital Management LLC increased its stake by 10.8% in the third quarter, now owning 1,677,702 shares worth approximately $9,548,000 after a purchase of 162,933 additional shares. Marshall Wace LLP also reported an 8.1% rise in their holdings, while Wellington Management Group LLP increased their position by 142.6%. Furthermore, Rhumbline Advisers made a new investment in Mind Medicine (MindMed) valued at $679,000. Currently, institutional and hedge fund investors own about 27.91% of the company's stock.

Analyst Ratings and Price Targets

Several analysts have provided their insights regarding Mind Medicine (MindMed) recently. Leerink Partners upgraded the stock to a "strong-buy" rating on October 11th. Oppenheimer reiterated an "outperform" rating with a price target of $20.00 as of December 17th. HC Wainwright also reaffirmed a "buy" rating with a substantial target price of $55.00 set in their November 11th report. Furthermore, analysts from Canaccord Genuity lowered their target price from $16.00 to $14.00 but still rated the stock as a "buy." With nine analysts rating the stock a buy and three assigning it a strong buy rating, the consensus rating stands at "Buy," with an average price target of $26.75 according to MarketBeat.

Overview of Mind Medicine (MindMed)

Mind Medicine (MindMed) Inc. is a biopharmaceutical company currently in the clinical stage, focused on developing innovative treatments for brain health disorders. Among its leading product candidates is MM-120, which is undergoing phase 2 trials for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder. Additionally, MM-402, an R-enantiomer of a well-known psychedelic compound, is in phase 1 clinical trials focusing on treating core symptoms of autism spectrum disorder.

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