Bank of New York Mellon Corp Buys 203,216 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Bank of New York Mellon Corp boosted its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 472.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 246,208 shares of the company's stock after buying an additional 203,216 shares during the period. Bank of New York Mellon Corp owned approximately 0.34% of Mind Medicine (MindMed) worth $1,775,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Virtu Financial LLC acquired a new position in Mind Medicine (MindMed) during the first quarter valued at $239,000. Tidal Investments LLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter worth about $1,698,000. AWM Investment Company Inc. acquired a new position in Mind Medicine (MindMed) in the 1st quarter worth about $7,830,000. Janus Henderson Group PLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter worth about $8,964,000. Finally, Blackstone Inc. acquired a new position in Mind Medicine (MindMed) in the 1st quarter worth about $11,749,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD traded up $0.23 during mid-day trading on Thursday, hitting $6.31. 643,197 shares of the company's stock traded hands, compared to its average volume of 1,517,241. The firm has a 50 day moving average of $7.09 and a two-hundred day moving average of $8.07. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22. The firm has a market capitalization of $453.51 million, a price-to-earnings ratio of -2.14 and a beta of 2.53. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, equities analysts forecast that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on MNMD. Roth Capital raised Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Wednesday, July 24th. Cantor Fitzgerald reissued an "overweight" rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Royal Bank of Canada reissued an "outperform" rating and set a $22.00 price objective on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Robert W. Baird began coverage on Mind Medicine (MindMed) in a report on Tuesday, May 28th. They set an "outperform" rating and a $27.00 price objective on the stock. Finally, HC Wainwright increased their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, August 29th. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Mind Medicine (MindMed) has a consensus rating of "Buy" and a consensus price target of $25.38.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of the firm'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 approximately $2,538,024.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Robert Barrow sold 15,659 shares of the firm'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 transaction, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Karlin sold 6,925 shares of the firm'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 transaction, the insider now owns 351,527 shares of the company's stock, valued at approximately $2,538,024.94. The disclosure for this sale can be found here. Corporate insiders own 2.26% of the company's stock.

Mind Medicine (MindMed) Company Profile

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.