Diametric Capital LP Purchases New Stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Diametric Capital LP acquired a new position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the 4th quarter, HoldingsChannel reports. The fund acquired 15,450 shares of the company’s stock, valued at approximately $108,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MNMD. Wellington Management Group LLP increased its stake in shares of Mind Medicine (MindMed) by 4.7% during the 4th quarter. Wellington Management Group LLP now owns 194,491 shares of the company’s stock worth $1,354,000 after purchasing an additional 8,769 shares during the last quarter. BIT Capital GmbH purchased a new stake in Mind Medicine (MindMed) in the fourth quarter worth $441,000. JPMorgan Chase & Co. raised its stake in shares of Mind Medicine (MindMed) by 30.2% in the fourth quarter. JPMorgan Chase & Co. now owns 48,158 shares of the company’s stock valued at $335,000 after buying an additional 11,163 shares during the period. Corebridge Financial Inc. lifted its position in shares of Mind Medicine (MindMed) by 4.1% during the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company’s stock valued at $279,000 after buying an additional 1,569 shares during the last quarter. Finally, LPL Financial LLC grew its stake in shares of Mind Medicine (MindMed) by 30.1% during the 4th quarter. LPL Financial LLC now owns 62,334 shares of the company’s stock worth $434,000 after acquiring an additional 14,439 shares during the period. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the sale, the chief executive officer now owns 856,556 shares of the company’s stock, valued at $5,773,187.44. The trade was a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel Karlin sold 6,836 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. This trade represents a 1.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,391 shares of company stock valued at $204,835 in the last quarter. Insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Trading Up 7.8 %

Shares of MNMD stock opened at $5.97 on Thursday. Mind Medicine has a 52-week low of $5.03 and a 52-week high of $12.22. The business’s fifty day moving average is $7.18 and its 200 day moving average is $6.95. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The company has a market capitalization of $449.95 million, a PE ratio of -2.64 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data 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) earnings per share. On average, equities research analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.

Analyst Ratings Changes

MNMD has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Robert W. Baird lowered their price target on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. Oppenheimer reissued an “outperform” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Finally, Evercore ISI began coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target for the company. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.11.

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.