Mind Medicine (MindMed) Inc. $MNMD Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP grew its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 16.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 225,928 shares of the company’s stock after acquiring an additional 31,437 shares during the quarter. Wellington Management Group LLP owned about 0.30% of Mind Medicine (MindMed) worth $1,322,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MNMD. AWM Investment Company Inc. increased its stake in shares of Mind Medicine (MindMed) by 39.9% during the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock valued at $8,304,000 after acquiring an additional 340,162 shares during the last quarter. Nuveen LLC acquired a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $1,556,000. Tang Capital Management LLC acquired a new position in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $1,392,000. Millennium Management LLC increased its stake in shares of Mind Medicine (MindMed) by 134.5% during the 4th quarter. Millennium Management LLC now owns 185,721 shares of the company’s stock valued at $1,293,000 after acquiring an additional 106,511 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Mind Medicine (MindMed) by 12.6% during the 4th quarter. Northern Trust Corp now owns 684,836 shares of the company’s stock valued at $4,766,000 after acquiring an additional 76,559 shares during the last quarter. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Down 9.2%

Shares of NASDAQ:MNMD opened at $8.88 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98. Mind Medicine has a 1 year low of $4.70 and a 1 year high of $11.02. The stock has a market capitalization of $675.68 million, a P/E ratio of -5.80 and a beta of 2.49. The stock has a 50-day simple moving average of $8.79 and a 200-day simple moving average of $7.41.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.12). Equities analysts forecast that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,848 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $53,366.40. Following the completion of the sale, the insider owned 438,329 shares of the company’s stock, valued at $2,980,637.20. This trade represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert Barrow sold 26,491 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $180,138.80. Following the completion of the sale, the chief executive officer directly owned 830,065 shares of the company’s stock, valued at $5,644,442. This trade represents a 3.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock valued at $311,644 over the last 90 days. 2.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Oppenheimer assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, August 4th. They set an “outperform” rating and a $25.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Finally, Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $24.71.

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.