Rhumbline Advisers Invests $679,000 in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Rhumbline Advisers purchased a new stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 94,116 shares of the company’s stock, valued at approximately $679,000. Rhumbline Advisers owned about 0.13% of Mind Medicine (MindMed) as of its most recent SEC filing.

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

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD opened at $6.06 on Wednesday. The firm’s 50 day simple moving average is $6.94 and its 200 day simple moving average is $8.04. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22. The company has a market capitalization of $435.54 million, a price-to-earnings ratio of -2.06 and a beta of 2.53. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, sell-side analysts forecast that Mind Medicine will post -1.27 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MNMD shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Robert W. Baird assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They issued an “outperform” rating and a $27.00 target price for the company. Baird R W raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, May 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Finally, Canaccord Genuity Group cut their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $25.38.

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.