Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Shares Sold by Legal & General Group Plc

Legal & General Group Plc trimmed its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 8.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,437 shares of the company’s stock after selling 5,639 shares during the quarter. Legal & General Group Plc owned 0.08% of Mind Medicine (MindMed) worth $407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MNMD. Invesco Ltd. grew its position in Mind Medicine (MindMed) by 12.4% during the 4th quarter. Invesco Ltd. now owns 41,400 shares of the company’s stock worth $288,000 after purchasing an additional 4,564 shares during the last quarter. ADAR1 Capital Management LLC acquired a new position in shares of Mind Medicine (MindMed) in the fourth quarter valued at about $174,000. Bank of Montreal Can purchased a new position in shares of Mind Medicine (MindMed) in the fourth quarter worth about $74,000. Wells Fargo & Company MN boosted its position in Mind Medicine (MindMed) by 61.8% in the fourth quarter. Wells Fargo & Company MN now owns 39,974 shares of the company’s stock valued at $278,000 after buying an additional 15,269 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Mind Medicine (MindMed) by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company’s stock worth $11,996,000 after buying an additional 45,386 shares during the period. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Stock Down 0.9 %

MNMD opened at $6.30 on Wednesday. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a twelve month low of $4.70 and a twelve month high of $10.44. The company has a market cap of $474.82 million, a PE ratio of -2.79 and a beta of 2.54. The company has a 50-day moving average price of $6.16 and a 200 day moving average price of $6.94.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same period in the previous year, the business earned ($0.59) earnings per share. Sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MNMD has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective for the company. Finally, Robert W. Baird dropped their target price on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Ten analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $25.11.

Insider Activity

In related news, insider Daniel Karlin sold 6,836 shares of the 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 owns 446,177 shares of the company’s stock, valued at approximately $3,007,232.98. This trade represents a 1.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Barrow sold 21,208 shares of the business’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 directly owns 856,556 shares in the company, valued at $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 over the last three months. Insiders own 2.26% of the company’s stock.

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.