Bridgewealth Advisory Group LLC Makes New Investment in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Bridgewealth Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 10,000 shares of the company’s stock, valued at approximately $72,000.

Other institutional investors have also modified their holdings of the company. Blackstone Inc. bought a new position in Mind Medicine (MindMed) in the first quarter worth about $11,749,000. Janus Henderson Group PLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $8,964,000. AWM Investment Company Inc. acquired a new position in Mind Medicine (MindMed) during the 1st quarter valued at approximately $7,830,000. Bank of New York Mellon Corp grew its stake in Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after buying an additional 203,216 shares during the last quarter. Finally, Tidal Investments LLC acquired a new stake in Mind Medicine (MindMed) in the first quarter worth $1,698,000. Institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Trading Down 5.4 %

Mind Medicine (MindMed) stock opened at $5.97 on Friday. The stock has a market capitalization of $429.08 million, a PE ratio of -2.03 and a beta of 2.53. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22. The firm has a 50 day simple moving average of $7.03 and a 200-day simple moving average of $8.05.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, equities research analysts expect that Mind Medicine will post -1.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MNMD. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Baird R W upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. Royal Bank of Canada restated an “outperform” rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Canaccord Genuity Group reduced their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $25.38.

Insider Buying and Selling

In related news, CEO Robert Barrow sold 15,659 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at $4,076,000.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Robert Barrow sold 15,659 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the sale, the insider now directly owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) 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.