Diadema Partners LP Acquires Shares of 4,710 Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Diadema Partners LP acquired a new stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 4,710 shares of the company’s stock, valued at approximately $33,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC grew its holdings in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Mind Medicine (MindMed) by 48.8% in the 4th quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock valued at $170,000 after purchasing an additional 8,004 shares during the period. State Street Corp grew its stake in 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 buying an additional 9,782 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Mind Medicine (MindMed) by 5.1% in the 4th quarter. Rhumbline Advisers now owns 100,695 shares of the company’s stock worth $701,000 after purchasing an additional 4,868 shares in the last quarter. Institutional investors own 27.91% of the company’s stock.

Insider Activity

In other news, CEO Robert Barrow sold 21,208 shares of the company’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the transaction, the chief executive officer now owns 856,556 shares of the company’s stock, valued at $5,773,187.44. This represents a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel Karlin sold 6,836 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the sale, the insider now directly owns 446,177 shares of the company’s stock, valued at approximately $3,007,232.98. This trade represents a 1.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,391 shares of company stock valued at $204,835. Company insiders own 2.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MNMD shares. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 target price for the company. Robert W. Baird cut their price target 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research 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 data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $25.11.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD opened at $5.66 on Tuesday. Mind Medicine has a 12-month low of $4.70 and a 12-month high of $10.44. The company’s 50 day simple moving average is $6.49 and its 200-day simple moving average is $6.91. The firm has a market cap of $426.58 million, a PE ratio of -2.50 and a beta of 2.54. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same period in the prior year, the business posted ($0.59) earnings per share. As a group, equities analysts predict that Mind Medicine will post -1.35 EPS for the current year.

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.