Wealth Enhancement Advisory Services LLC Makes New Investment in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Wealth Enhancement Advisory Services LLC purchased a new position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the third quarter, HoldingsChannel reports. The institutional investor purchased 10,200 shares of the company’s stock, valued at approximately $58,000.

A number of other large investors also recently made changes to their positions in MNMD. SageView Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth $25,000. Bridgewealth Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) in the 2nd quarter worth $72,000. Wealth Alliance purchased a new position in shares of Mind Medicine (MindMed) in the 2nd quarter worth $79,000. SG Americas Securities LLC purchased a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth $93,000. Finally, Arizona State Retirement System purchased a new position in shares of Mind Medicine (MindMed) in the 2nd quarter worth $114,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Insider Activity

In related news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 $3,263,716.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now owns 545,772 shares in the company, valued at approximately $3,263,716.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,994 shares of company stock valued at $173,384. Insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD opened at $8.40 on Thursday. The company has a quick ratio of 5.92, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $6.24 and its two-hundred day moving average price is $7.23. Mind Medicine has a 52-week low of $2.42 and a 52-week high of $12.22. The stock has a market capitalization of $605.62 million, a P/E ratio of -3.71 and a beta of 2.48.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). As a group, sell-side analysts forecast that Mind Medicine will post -1.25 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on MNMD. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Roth Mkm started coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 price objective on the stock. Leerink Partners started coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 target price for the company. Finally, Canaccord Genuity Group lowered their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Nine investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus target price of $25.38.

About Mind Medicine (MindMed)

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.