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

Diametric Capital LP acquired a new position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 15,450 shares of the company’s stock, valued at approximately $108,000.

Other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP raised its position in shares of Mind Medicine (MindMed) by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 194,491 shares of the company’s stock valued at $1,354,000 after buying an additional 8,769 shares in the last quarter. BIT Capital GmbH bought a new position in Mind Medicine (MindMed) during the 4th quarter worth $441,000. JPMorgan Chase & Co. raised its holdings in Mind Medicine (MindMed) by 30.2% in the 4th quarter. JPMorgan Chase & Co. now owns 48,158 shares of the company’s stock valued at $335,000 after acquiring an additional 11,163 shares in the last quarter. 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 acquiring an additional 1,569 shares during the period. Finally, LPL Financial LLC grew its holdings 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 purchasing an additional 14,439 shares in the last quarter. Institutional investors own 27.91% of the company’s stock.

Insider Transactions at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 21,208 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $142,941.92. Following the transaction, the chief executive officer now directly owns 856,556 shares of the company’s stock, valued at $5,773,187.44. This trade represents a 2.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Karlin sold 6,836 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at approximately $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 sold a total of 30,391 shares of company stock valued at $204,835 in the last quarter. 2.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD opened at $5.97 on Thursday. The stock’s 50-day moving average is $7.18 and its 200-day moving average is $6.95. The stock has a market cap of $449.95 million, a P/E ratio of -2.64 and a beta of 2.57. Mind Medicine has a 1-year low of $5.03 and a 1-year high of $12.22. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same quarter in the previous year, the business posted ($0.59) EPS. Equities research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

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.