Wealthfront Advisers LLC Makes New Investment in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Wealthfront Advisers LLC acquired a new stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 103,086 shares of the company's stock, valued at approximately $717,000. Wealthfront Advisers LLC owned approximately 0.14% of Mind Medicine (MindMed) as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of MNMD. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Mind Medicine (MindMed) by 21.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company's stock worth $87,000 after buying an additional 2,230 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Mind Medicine (MindMed) by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company's stock valued at $211,000 after buying an additional 2,797 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company's stock valued at $126,000 after buying an additional 4,079 shares during the last quarter. Rhumbline Advisers increased its holdings in Mind Medicine (MindMed) by 5.1% during the fourth quarter. Rhumbline Advisers now owns 100,695 shares of the company's stock valued at $701,000 after buying an additional 4,868 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company's stock valued at $170,000 after buying an additional 8,004 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors.

Remove Ads

Mind Medicine (MindMed) Trading Up 3.9 %

Shares of MNMD traded up $0.25 during midday trading on Wednesday, hitting $6.70. The stock had a trading volume of 729,186 shares, compared to its average volume of 1,454,717. Mind Medicine has a 1 year low of $5.03 and a 1 year high of $12.22. The firm has a market cap of $504.97 million, a PE ratio of -2.96 and a beta of 2.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The stock's 50 day moving average is $7.29 and its 200 day moving average is $6.93.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same period in the prior year, the firm earned ($0.59) EPS. As a group, analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. This represents a 3.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 in the last 90 days. Company insiders own 2.26% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on MNMD shares. Robert W. Baird reduced their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a "buy" rating and a $20.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Oppenheimer reiterated an "outperform" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price target for the company. Ten equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of "Buy" and an average target price of $25.11.

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.