Marshall Wace LLP Increases Stock Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Marshall Wace LLP increased its position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 8.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,160,203 shares of the company’s stock after buying an additional 161,659 shares during the period. Marshall Wace LLP’s holdings in Mind Medicine (MindMed) were worth $15,575,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tri Locum Partners LP increased its stake in Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after acquiring an additional 2,459 shares during the last quarter. SageView Advisory Group LLC acquired a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $25,000. Bridgewealth Advisory Group LLC purchased a new position in Mind Medicine (MindMed) in the second quarter valued at approximately $72,000. Wealth Alliance acquired a new position in Mind Medicine (MindMed) during the second quarter valued at approximately $79,000. Finally, AdvisorShares Investments LLC grew its stake in Mind Medicine (MindMed) by 13.4% during the second quarter. AdvisorShares Investments LLC now owns 124,166 shares of the company’s stock worth $878,000 after buying an additional 14,659 shares during the period. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Down 0.7 %

Shares of NASDAQ:MNMD opened at $5.85 on Friday. The firm has a market cap of $420.45 million, a PE ratio of -1.99 and a beta of 2.53. The company has a fifty day simple moving average of $6.81 and a 200 day simple moving average of $7.99. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22.

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

Insider Activity at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 over the last three months. 2.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MNMD. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald restated an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Roth Mkm initiated coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price target on the stock. Finally, HC Wainwright increased their price objective on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus target price of $25.38.

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.