Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 32.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,550 shares of the company’s stock after buying an additional 3,350 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Mind Medicine (MindMed) were worth $94,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MNMD. Diadema Partners LP acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $33,000. Hollencrest Capital Management lifted its holdings in Mind Medicine (MindMed) by 10,833.3% during the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock worth $50,000 after buying an additional 7,150 shares in the last quarter. King Wealth Management Group acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $70,000. Virtus ETF Advisers LLC acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $70,000. Finally, Sharpepoint LLC acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth approximately $71,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 21,208 shares of the business’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction 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. The trade was a 2.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel Karlin sold 6,836 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at approximately $3,007,232.98. This trade represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,391 shares of company stock valued at $204,835 in the last ninety days. Insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Trading Down 6.0%

NASDAQ MNMD opened at $6.71 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.27 and a quick ratio of 7.27. The firm’s fifty day moving average price is $6.67 and its 200 day moving average price is $6.93. The company has a market capitalization of $506.94 million, a price-to-earnings ratio of -5.20 and a beta of 2.52. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $10.44.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Thursday, May 8th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.01. On average, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MNMD has been the topic of a number of analyst reports. Robert W. Baird reduced their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, May 13th. HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Finally, Chardan Capital restated a “buy” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, May 9th. Eight analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $25.50.

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.