HighTower Advisors LLC Sells 1,551 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

HighTower Advisors LLC decreased its position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 10.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 12,979 shares of the company’s stock after selling 1,551 shares during the period. HighTower Advisors LLC’s holdings in Mind Medicine (MindMed) were worth $73,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Marshall Wace LLP boosted its position in Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after buying an additional 161,659 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Mind Medicine (MindMed) by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after purchasing an additional 46,187 shares during the period. Tri Locum Partners LP grew its stake in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after purchasing an additional 2,459 shares during the last quarter. Bank of New York Mellon Corp increased its holdings 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 valued at $1,775,000 after purchasing an additional 203,216 shares during the period. Finally, AdvisorShares Investments LLC raised its position in Mind Medicine (MindMed) by 13.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 124,166 shares of the company’s stock valued at $878,000 after purchasing an additional 14,659 shares during the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MNMD. Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 target price on the stock. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Canaccord Genuity Group reduced their price target 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. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Price Performance

MNMD stock opened at $7.63 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The firm has a 50 day moving average price of $7.24 and a 200-day moving average price of $6.98. Mind Medicine has a 52-week low of $3.49 and a 52-week high of $12.22. The firm has a market capitalization of $559.52 million, a price-to-earnings ratio of -3.38 and a beta of 2.58.

Mind Medicine (MindMed) 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.