Wellington Management Group LLP Purchases 109,152 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Wellington Management Group LLP lifted its holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 142.6% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 185,722 shares of the company's stock after acquiring an additional 109,152 shares during the quarter. Wellington Management Group LLP owned 0.26% of Mind Medicine (MindMed) worth $1,057,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in 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 worth $1,775,000 after purchasing an additional 203,216 shares during the last quarter. Rhumbline Advisers purchased a new position in shares of Mind Medicine (MindMed) in the second quarter worth about $679,000. Marshall Wace LLP increased its holdings in shares of Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company's stock worth $15,575,000 after buying an additional 161,659 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Mind Medicine (MindMed) by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company's stock valued at $3,428,000 after acquiring an additional 46,187 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at about $242,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

Insider Activity

In related news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares of the company's stock, valued at $2,061,042.88. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the business'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 directly owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 in the last quarter. 2.26% of the stock is owned by company insiders.

Mind Medicine (MindMed) Stock Up 2.1 %

Mind Medicine (MindMed) stock traded up $0.15 during trading hours on Friday, hitting $7.16. 1,766,796 shares of the stock traded hands, compared to its average volume of 1,430,814. Mind Medicine has a one year low of $3.37 and a one year high of $12.22. The firm's 50-day moving average price is $7.11 and its two-hundred day moving average price is $7.00. 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 $525.06 million, a PE ratio of -3.17 and a beta of 2.58.

Analyst Ratings Changes

MNMD has been the subject of several recent research reports. Leerink Partners began coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an "outperform" rating and a $20.00 price objective for the company. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Friday, October 11th. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a report on Friday. They issued a "buy" rating and a $20.00 price target on the stock. Canaccord Genuity Group lowered their price objective on shares of 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. Finally, HC Wainwright reiterated a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $26.75.

Mind Medicine (MindMed) 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.