Tidal Investments LLC Makes New $1.70 Million Investment in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Tidal Investments LLC acquired a new position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 180,600 shares of the company's stock, valued at approximately $1,698,000. Tidal Investments LLC owned about 0.26% of Mind Medicine (MindMed) at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SageView Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 1st quarter worth about $25,000. Bailard Inc. acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $63,000. Mitchell Mcleod Pugh & Williams Inc. acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $73,000. Jump Financial LLC grew its position in Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company's stock valued at $135,000 after acquiring an additional 2,826 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter valued at about $168,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Stock Down 3.2 %

MNMD stock traded down $0.27 during trading on Friday, hitting $8.11. 832,390 shares of the company's stock were exchanged, compared to its average volume of 981,872. The business has a 50-day moving average price of $7.89 and a two-hundred day moving average price of $7.62. The stock has a market capitalization of $582.87 million, a price-to-earnings ratio of -2.76 and a beta of 2.58. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.06. As a group, equities research analysts expect that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling

In related news, 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 transaction of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares in the company, valued at $4,076,000.46. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Mind Medicine (MindMed) 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 completion of the sale, the insider now owns 351,527 shares in the company, valued at $2,538,024.94. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert Barrow sold 15,659 shares of the business's stock in a transaction that occurred on Tuesday, June 25th. The shares were 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 owns 564,543 shares of the company's stock, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. 2.26% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MNMD shares. Baird R W raised Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Wednesday, May 29th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. SVB Leerink began coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They issued an "outperform" rating and a $20.00 target price for the company. Robert W. Baird began coverage on Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They issued an "outperform" rating and a $27.00 price objective for the company. Finally, Roth Capital upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Wednesday, July 24th. Nine analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Mind Medicine (MindMed) presently has a consensus rating of "Buy" and an average target price of $22.00.

About Mind Medicine (MindMed)

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.