Bridgewealth Advisory Group LLC Buys New Shares in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Bridgewealth Advisory Group LLC purchased a new position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,000 shares of the company’s stock, valued at approximately $72,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MNMD. Jump Financial LLC lifted its holdings in shares of Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after acquiring an additional 2,826 shares during the period. Scotia Capital Inc. purchased a new position in Mind Medicine (MindMed) during the fourth quarter worth approximately $441,000. Sequoia Financial Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at $168,000. Moloney Securities Asset Management LLC increased its holdings in shares of Mind Medicine (MindMed) by 133.0% during the 1st quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock worth $1,522,000 after buying an additional 92,450 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 1st quarter worth $25,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Baird R W upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. Roth Mkm began coverage on Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Finally, Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and an average price target of $25.38.

Mind Medicine (MindMed) Price Performance

Shares of MNMD stock opened at $5.97 on Friday. The company has a market capitalization of $429.08 million, a PE ratio of -2.03 and a beta of 2.53. The firm has a fifty day simple moving average of $7.03 and a 200-day simple moving average of $8.05. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22.

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

Insider Buying and Selling at Mind Medicine (MindMed)

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