Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Shares Sold by AdvisorShares Investments LLC

AdvisorShares Investments LLC reduced its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 5.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 103,709 shares of the company’s stock after selling 5,457 shares during the period. AdvisorShares Investments LLC owned 0.14% of Mind Medicine (MindMed) worth $722,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MNMD. Barclays PLC increased its holdings in 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 increased its position in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after purchasing an additional 162,933 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $91,000. JPMorgan Chase & Co. grew its holdings in shares of Mind Medicine (MindMed) by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock valued at $211,000 after purchasing an additional 2,797 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Mind Medicine (MindMed) by 21.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after purchasing an additional 2,230 shares during the last quarter. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock opened at $6.36 on Tuesday. The firm’s 50 day moving average is $6.20 and its 200 day moving average is $6.94. The stock has a market capitalization of $479.34 million, a P/E ratio of -2.81 and a beta of 2.54. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $10.44. 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 posted 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 period in the previous year, the firm posted ($0.59) earnings per share. On average, sell-side analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

Wall Street Analyst Weigh In

MNMD has been the topic of several research analyst reports. Robert W. Baird cut their target price on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. 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 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Ten investment 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 stock presently has a consensus rating of “Buy” and an average target price of $25.11.

Insider Buying and Selling

In related news, CEO Robert Barrow sold 21,208 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the transaction, the chief executive officer now directly owns 856,556 shares in the company, valued at $5,773,187.44. The trade was a 2.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Karlin sold 6,836 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 446,177 shares of the company’s stock, valued at approximately $3,007,232.98. The trade was a 1.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,391 shares of company stock valued at $204,835. Corporate insiders own 2.26% of the company’s stock.

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.