Ally Bridge Group NY LLC Sells 36,026 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Ally Bridge Group NY LLC lowered its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 3.6% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 965,426 shares of the company’s stock after selling 36,026 shares during the period. Mind Medicine (MindMed) makes up approximately 4.1% of Ally Bridge Group NY LLC’s holdings, making the stock its 11th biggest position. Ally Bridge Group NY LLC’s holdings in Mind Medicine (MindMed) were worth $6,961,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Blackstone Inc. bought a new position in Mind Medicine (MindMed) during the first quarter valued at approximately $11,749,000. Janus Henderson Group PLC bought a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at $8,964,000. AWM Investment Company Inc. purchased a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth $7,830,000. Bank of New York Mellon Corp grew its holdings in shares of Mind Medicine (MindMed) by 472.7% in the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after acquiring an additional 203,216 shares during the period. Finally, Tidal Investments LLC purchased a new stake in Mind Medicine (MindMed) during the first quarter valued at $1,698,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Down 5.4 %

Shares of MNMD stock opened at $5.97 on Monday. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22. The firm 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 quick ratio of 5.92 and a current ratio of 5.92. The stock’s 50-day simple moving average is $7.03 and its 200-day simple moving average is $8.08.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). Equities analysts expect that Mind Medicine will post -1.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Robert W. Baird assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They set an “outperform” rating and a $27.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $22.00 target price on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Canaccord Genuity Group dropped their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. HC Wainwright upped their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Roth Mkm started coverage on Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $25.38.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Dan Karlin sold 6,925 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now directly owns 351,527 shares in the company, valued at $2,538,024.94. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 15,659 shares of the business’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 value of $113,057.98. Following the completion of the transaction, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by insiders.

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.