Avantax Advisory Services Inc. Takes Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Avantax Advisory Services Inc. acquired a new position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,179 shares of the company’s stock, valued at approximately $78,000.

Several other large investors have also added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Mind Medicine (MindMed) by 21.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after buying an additional 2,230 shares during the period. JPMorgan Chase & Co. increased its holdings in Mind Medicine (MindMed) by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after acquiring an additional 2,797 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Mind Medicine (MindMed) by 22.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after purchasing an additional 4,079 shares in the last quarter. Rhumbline Advisers boosted its holdings in Mind Medicine (MindMed) by 5.1% in the 4th quarter. Rhumbline Advisers now owns 100,695 shares of the company’s stock valued at $701,000 after purchasing an additional 4,868 shares during the period. Finally, Hollencrest Capital Management grew its position in shares of Mind Medicine (MindMed) by 10,833.3% during the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock valued at $50,000 after purchasing an additional 7,150 shares in the last quarter. Institutional investors own 27.91% of the company’s stock.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Daniel Karlin sold 6,836 shares of the 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 transaction, the insider now directly owns 446,177 shares of the company’s stock, valued at $3,007,232.98. This represents a 1.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Barrow sold 21,208 shares of the firm’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 sale, the chief executive officer now owns 856,556 shares of the company’s stock, valued at $5,773,187.44. This trade represents a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,391 shares of company stock worth $204,835. 2.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $6.43 on Friday. The firm has a fifty day simple moving average of $7.28 and a two-hundred day simple moving average of $6.95. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a twelve month low of $5.03 and a twelve month high of $12.22. The company has a market capitalization of $484.62 million, a PE ratio of -2.85 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same quarter last year, the firm earned ($0.59) EPS. Research analysts expect 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.