Ally Bridge Group NY LLC cut its stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 18.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 788,508 shares of the company's stock after selling 176,918 shares during the period. Mind Medicine (MindMed) accounts for 2.4% of Ally Bridge Group NY LLC's investment portfolio, making the stock its 23rd largest holding. Ally Bridge Group NY LLC owned about 1.09% of Mind Medicine (MindMed) worth $4,487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC acquired a new stake in shares of Mind Medicine (MindMed) during the first quarter worth $8,964,000. Tidal Investments LLC bought a new stake in Mind Medicine (MindMed) in the first quarter worth approximately $1,698,000. Virtu Financial LLC acquired a new position in Mind Medicine (MindMed) in the first quarter valued at approximately $239,000. Bank of New York Mellon Corp boosted its holdings in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company's stock worth $1,775,000 after buying an additional 203,216 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Mind Medicine (MindMed) in the second quarter worth $131,000. Institutional investors and hedge funds own 27.91% of the company's stock.
Mind Medicine (MindMed) Price Performance
Shares of MNMD traded up $0.15 during mid-day trading on Thursday, reaching $8.26. 1,091,386 shares of the stock traded hands, compared to its average volume of 1,450,949. Mind Medicine has a 1 year low of $2.91 and a 1 year high of $12.22. The firm has a fifty day moving average price of $6.55 and a 200 day moving average price of $7.10. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market cap of $605.71 million, a price-to-earnings ratio of -3.65 and a beta of 2.48.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on MNMD. Leerink Partners started coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an "outperform" rating and a $20.00 price target on the stock. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Friday, October 11th. HC Wainwright reissued a "buy" rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Canaccord Genuity Group cut their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Mind Medicine (MindMed) has an average rating of "Buy" and an average price target of $25.38.
Get Our Latest Stock Analysis on MNMD
Insider Buying and Selling at Mind Medicine (MindMed)
In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the firm's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dan Karlin sold 6,871 shares of the company's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now owns 344,656 shares of the company's stock, valued at $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 over the last three months. 2.26% of the stock is owned by insiders.
Mind Medicine (MindMed) Profile
(
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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.
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