15,789 Shares in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Purchased by Arizona State Retirement System

Arizona State Retirement System acquired a new stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the 2nd quarter, HoldingsChannel reports. The firm acquired 15,789 shares of the company’s stock, valued at approximately $114,000.

A number of other hedge funds also recently added to or reduced their stakes in MNMD. Jump Financial LLC increased its holdings in shares of Mind Medicine (MindMed) by 8.3% in the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after purchasing an additional 2,826 shares during the period. Scotia Capital Inc. purchased a new position in Mind Medicine (MindMed) in the 4th quarter valued at $441,000. Sequoia Financial Advisors LLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter valued at $168,000. Moloney Securities Asset Management LLC raised its position in Mind Medicine (MindMed) by 133.0% during the 1st quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock worth $1,522,000 after buying an additional 92,450 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth $25,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 15,659 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at $4,076,000.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the transaction, the chief executive officer now directly owns 564,543 shares in the company, valued at approximately $4,076,000.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dan Karlin sold 6,925 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $49,998.50. Following the sale, the insider now owns 351,527 shares in the company, valued at approximately $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

MNMD has been the topic of a number of recent analyst reports. Baird R W upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, May 29th. Roth Mkm assumed coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a “buy” rating and a $36.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 price target on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. HC Wainwright upped their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Robert W. Baird assumed coverage on Mind Medicine (MindMed) in a report on Tuesday, May 28th. They issued an “outperform” rating and a $27.00 target price for the company. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock opened at $6.08 on Thursday. The stock has a fifty day moving average price of $7.09 and a 200 day moving average price of $8.07. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.92 and a current ratio of 5.92. The stock has a market cap of $436.98 million, a PE ratio of -2.07 and a beta of 2.53. Mind Medicine has a 1 year low of $2.41 and a 1 year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). Sell-side analysts forecast that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

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.