AdvisorShares Investments LLC Cuts Holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

AdvisorShares Investments LLC decreased its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMDFree Report) by 3.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,774 shares of the company’s stock after selling 4,637 shares during the quarter. AdvisorShares Investments LLC owned approximately 0.28% of Mind Medicine (MindMed) worth $413,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MNMD. Scotia Capital Inc. acquired a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth about $441,000. Jump Financial LLC boosted its position in shares of Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after acquiring an additional 2,826 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. acquired a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth about $73,000. Bailard Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the 4th quarter valued at about $63,000. Finally, Citigroup Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $273,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the transaction, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Dan Karlin sold 6,578 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the transaction, the insider now directly owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the transaction, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at $5,511,919. The disclosure for this sale can be found here. Company insiders own 2.26% of the company’s stock.

Analyst Upgrades and Downgrades

MNMD has been the subject of a number of research analyst reports. Oppenheimer reissued an “outperform” rating and issued a $20.00 target price (down from $29.00) on shares of Mind Medicine (MindMed) in a research report on Monday, May 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a research report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $35.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, May 24th. Baird R W raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. Finally, SVB Leerink initiated coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price for the company. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $20.00.

Read Our Latest Report on Mind Medicine (MindMed)

Mind Medicine (MindMed) Stock Performance

MNMD traded up $0.04 on Friday, hitting $7.25. 1,187,181 shares of the company traded hands, compared to its average volume of 1,760,515. The company has a 50 day moving average of $9.09 and a 200-day moving average of $6.40. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $509.46 million, a PE ratio of -2.47 and a beta of 2.64. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMDGet Free Report) last issued its earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.06. Sell-side analysts anticipate that Mind Medicine will post -1.36 earnings per share for the current year.

About Mind Medicine (MindMed)

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Mind Medicine (MindMed) (NASDAQ:MNMD)

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