Wealth Alliance Buys Shares of 11,000 Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Wealth Alliance purchased a new position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,000 shares of the company’s stock, valued at approximately $79,000.

Other hedge funds have also recently modified their holdings of the company. Blackstone Inc. purchased a new position in Mind Medicine (MindMed) during the 1st quarter worth $11,749,000. Janus Henderson Group PLC purchased a new position in Mind Medicine (MindMed) during the first quarter worth about $8,964,000. AWM Investment Company Inc. acquired a new stake in Mind Medicine (MindMed) in the first quarter valued at about $7,830,000. Bank of New York Mellon Corp boosted its holdings in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares in the last quarter. Finally, Tidal Investments LLC acquired a new position in Mind Medicine (MindMed) during the 1st quarter worth approximately $1,698,000. 27.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the completion of the transaction, the chief executive officer now owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dan Karlin sold 6,925 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now directly owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The disclosure for this sale can be found here. Corporate insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Stock Down 5.4 %

MNMD stock opened at $5.97 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92. The company’s 50 day simple moving average is $7.06 and its 200-day simple moving average is $8.06. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22. The firm has a market capitalization of $429.08 million, a PE ratio of -2.03 and a beta of 2.53.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). Equities analysts expect that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Baird R W raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. Robert W. Baird initiated coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They set an “outperform” rating and a $27.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 price target on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Roth Mkm assumed coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price objective on the stock. Finally, HC Wainwright increased their target price on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average 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.