Marshall Wace LLP Raises Stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Marshall Wace LLP grew its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 9.3% during the 4th quarter, HoldingsChannel reports. The fund owned 2,501,391 shares of the company’s stock after acquiring an additional 213,526 shares during the quarter. Marshall Wace LLP’s holdings in Mind Medicine (MindMed) were worth $17,410,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Hollencrest Capital Management raised its position in Mind Medicine (MindMed) by 10,833.3% in the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock worth $50,000 after purchasing an additional 7,150 shares during the period. King Wealth Management Group purchased a new position in shares of Mind Medicine (MindMed) in the fourth quarter worth about $70,000. KLP Kapitalforvaltning AS bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter valued at about $72,000. Bank of Montreal Can purchased a new stake in Mind Medicine (MindMed) during the 4th quarter valued at about $74,000. Finally, Avantax Advisory Services Inc. bought a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $78,000. 27.91% of the stock is currently owned by institutional investors.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ MNMD opened at $5.77 on Monday. Mind Medicine has a 1 year low of $4.70 and a 1 year high of $10.44. The stock has a market capitalization of $434.87 million, a P/E ratio of -2.55 and a beta of 2.54. The company’s 50-day moving average is $6.54 and its 200 day moving average is $6.91. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its 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 period in the previous year, the company earned ($0.59) earnings per share. On average, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MNMD. Evercore ISI assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Finally, 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 report on Friday, March 7th. Ten equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and a consensus price target of $25.11.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, insider Daniel Karlin sold 6,836 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the completion of the transaction, the insider now owns 446,177 shares of the company’s stock, valued at $3,007,232.98. This trade represents a 1.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $142,941.92. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,391 shares of company stock valued at $204,835. 2.26% of the stock is currently owned by company insiders.

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.