Geode Capital Management LLC lifted its stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 10.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,677,702 shares of the company's stock after buying an additional 162,933 shares during the period. Geode Capital Management LLC owned about 2.33% of Mind Medicine (MindMed) worth $9,548,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of Mind Medicine (MindMed) by 472.7% in the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company's stock valued at $1,775,000 after acquiring an additional 203,216 shares during the last quarter. Marshall Wace LLP grew its position in Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company's stock worth $15,575,000 after acquiring an additional 161,659 shares during the last quarter. Wellington Management Group LLP increased its holdings in Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company's stock valued at $1,057,000 after purchasing an additional 109,152 shares in the last quarter. Rhumbline Advisers bought a new position in Mind Medicine (MindMed) in the 2nd quarter valued at $679,000. Finally, Barclays PLC boosted its stake in Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company's stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. Institutional investors own 27.91% of the company's stock.
Mind Medicine (MindMed) Trading Up 8.3 %
NASDAQ MNMD traded up $0.58 on Thursday, reaching $7.54. The company had a trading volume of 1,185,400 shares, compared to its average volume of 1,421,080. The stock's 50 day moving average is $7.28 and its 200-day moving average is $6.95. The stock has a market cap of $552.92 million, a price-to-earnings ratio of -3.34 and a beta of 2.58. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a 52 week low of $3.49 and a 52 week high of $12.22.
Insider Transactions at Mind Medicine (MindMed)
In other news, insider Dan Karlin sold 6,643 shares of the business's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the transaction, the insider now owns 338,013 shares of the company's stock, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the firm's stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on MNMD. Canaccord Genuity Group lowered their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, September 16th. Oppenheimer restated an "outperform" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Friday, October 11th. Leerink Partners began 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 for the company. Finally, Chardan Capital began coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a "buy" rating and a $20.00 price objective on the stock. Nine investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $26.75.
View Our Latest Report on Mind Medicine (MindMed)
Mind Medicine (MindMed) Company 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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