Deep Track Capital LP Has $19.60 Million Stock Holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Deep Track Capital LP lowered its position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 60.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,816,594 shares of the company’s stock after selling 4,248,505 shares during the quarter. Deep Track Capital LP owned about 3.84% of Mind Medicine (MindMed) worth $19,603,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Barclays PLC increased its position in Mind Medicine (MindMed) by 203.6% during the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after acquiring an additional 91,271 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Mind Medicine (MindMed) by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after purchasing an additional 2,797 shares during the period. Wealth Enhancement Advisory Services LLC raised its position 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 valued at $87,000 after buying an additional 2,230 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Mind Medicine (MindMed) by 48.8% in 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 period. Finally, Foundations Investment Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the fourth quarter worth approximately $91,000. Institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $6.32 on Wednesday. The stock has a market cap of $475.95 million, a PE ratio of -2.79 and a beta of 2.52. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a 12-month low of $4.70 and a 12-month high of $10.44. The business’s 50-day moving average price is $6.12 and its two-hundred day moving average price is $6.95.

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 prior year, the company earned ($0.59) EPS. As a group, analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Daniel Karlin sold 6,836 shares of the company’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 value 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 represents a 1.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the transaction, the chief executive officer now owns 856,556 shares of the company’s stock, valued at approximately $5,773,187.44. This trade represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,391 shares of company stock worth $204,835. Corporate insiders own 2.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MNMD shares. Robert W. Baird dropped their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Evercore ISI assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target for the company. Finally, 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. Ten research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target 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.