Geode Capital Management LLC Acquires 45,386 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Geode Capital Management LLC lifted its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 2.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,723,088 shares of the company’s stock after purchasing an additional 45,386 shares during the period. Geode Capital Management LLC owned approximately 2.35% of Mind Medicine (MindMed) worth $11,996,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. State Street Corp grew its position in shares of Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after buying an additional 9,782 shares during the period. Barclays PLC increased its stake in Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $91,000. JPMorgan Chase & Co. boosted its stake in Mind Medicine (MindMed) by 8.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after purchasing an additional 2,797 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in 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 worth $87,000 after purchasing an additional 2,230 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Daniel Karlin sold 6,836 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the sale, the insider now directly owns 446,177 shares in the company, valued at approximately $3,007,232.98. The trade was a 1.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert Barrow sold 21,208 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the transaction, the chief executive officer now owns 856,556 shares in the company, valued at approximately $5,773,187.44. This trade represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,391 shares of company stock worth $204,835 in the last quarter. 2.26% of the stock is currently owned by corporate insiders.

Mind Medicine (MindMed) Stock Down 1.9 %

Shares of MNMD opened at $5.66 on Tuesday. The firm’s 50-day simple moving average is $6.49 and its 200 day simple moving average is $6.91. 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 market cap of $426.58 million, a P/E ratio of -2.50 and a beta of 2.54. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $10.44.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released 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 period last year, the business earned ($0.59) earnings per share. On average, analysts forecast that Mind Medicine will post -1.35 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on MNMD. HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Robert W. Baird decreased their price target on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Finally, Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and an average price target of $25.11.

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.