Avantax Advisory Services Inc. Invests $78,000 in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Avantax Advisory Services Inc. purchased a new stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the 4th quarter, Holdings Channel reports. The fund purchased 11,179 shares of the company’s stock, valued at approximately $78,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Intech Investment Management LLC bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth $134,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Mind Medicine (MindMed) by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after buying an additional 46,187 shares during the last quarter. MetLife Investment Management LLC bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $242,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock valued at $126,000 after acquiring an additional 4,079 shares during the last quarter. Finally, State Street Corp lifted its holdings 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 acquiring an additional 9,782 shares during the period. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MNMD has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Robert W. Baird reduced their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target on the stock. Oppenheimer restated an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Chardan Capital started coverage on Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Ten analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and an average target price of $25.11.

Insider Activity

In related news, insider Daniel Karlin sold 6,836 shares of the company’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 $46,074.64. Following the transaction, the insider now directly owns 446,177 shares of the company’s stock, valued at $3,007,232.98. This represents a 1.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the sale, the chief executive officer now directly owns 856,556 shares of the company’s stock, valued at approximately $5,773,187.44. This represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,391 shares of company stock worth $204,835. Insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD opened at $6.43 on Friday. The stock has a market capitalization of $484.62 million, a PE ratio of -2.85 and a beta of 2.57. Mind Medicine has a 1-year low of $5.03 and a 1-year high of $12.22. The business has a 50 day simple moving average of $7.28 and a two-hundred day simple moving average of $6.95. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its 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 quarter in the previous year, the firm earned ($0.59) EPS. On average, research analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Mind Medicine (MindMed) Company 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.