King Wealth Management Group Purchases New Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

King Wealth Management Group acquired a new position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,000 shares of the company’s stock, valued at approximately $70,000.

Other hedge funds have also modified their holdings of the company. Barclays PLC increased its position in Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after purchasing an additional 91,271 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Mind Medicine (MindMed) by 142.6% in the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Mind Medicine (MindMed) by 48.8% during the 4th 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 in the last quarter. Finally, State Street Corp lifted its holdings in shares of Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after acquiring an additional 9,782 shares during the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MNMD shares. Robert W. Baird lowered their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Evercore ISI started coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target for the company. Oppenheimer reiterated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Ten analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Mind Medicine (MindMed) has an average rating of “Buy” and an average price target of $25.11.

Mind Medicine (MindMed) Trading Down 2.2 %

NASDAQ MNMD opened at $6.31 on Friday. The firm has a market cap of $462.72 million, a PE ratio of -2.79 and a beta of 2.57. Mind Medicine has a 52 week low of $5.03 and a 52 week high of $12.22. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average price of $7.36 and a 200 day moving average price of $6.91.

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 quarter in the prior year, the business earned ($0.59) earnings per share. As a group, sell-side analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is owned by corporate insiders.

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.