Geode Capital Management LLC Has $9.55 Million Stock Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Geode Capital Management LLC boosted its holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 10.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,677,702 shares of the company’s stock after acquiring an additional 162,933 shares during the quarter. Geode Capital Management LLC’s holdings in Mind Medicine (MindMed) were worth $9,548,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Tri Locum Partners LP lifted its holdings in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after acquiring an additional 2,459 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Mind Medicine (MindMed) by 22.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after purchasing an additional 4,079 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after purchasing an additional 6,890 shares during the last quarter. State Street Corp boosted its position in Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after buying an additional 9,782 shares in the last quarter. Finally, Bridgewealth Advisory Group LLC bought a new stake in shares of Mind Medicine (MindMed) during the second quarter worth $72,000. Institutional investors own 27.91% of the company’s stock.

Analyst Upgrades and Downgrades

MNMD has been the topic of several recent research reports. Oppenheimer reissued an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Canaccord Genuity Group reduced their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $26.75.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the sale, the insider now owns 338,013 shares in the company, valued at $2,511,436.59. This represents a 1.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the sale, the chief executive officer now owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,022 shares of company stock valued at $208,203 over the last quarter. Insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Stock Up 3.9 %

Mind Medicine (MindMed) stock opened at $6.96 on Thursday. The firm has a 50 day moving average price of $7.26 and a two-hundred day moving average price of $6.95. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. Mind Medicine has a 52-week low of $3.49 and a 52-week high of $12.22. The firm has a market cap of $510.39 million, a price-to-earnings ratio of -3.08 and a beta of 2.58.

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.