Driehaus Capital Management LLC Decreases Stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Driehaus Capital Management LLC lowered its position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 0.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,538,410 shares of the company’s stock after selling 9,135 shares during the period. Driehaus Capital Management LLC owned 3.53% of Mind Medicine (MindMed) worth $18,302,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SageView Advisory Group LLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter valued at $25,000. Bridgewealth Advisory Group LLC purchased a new position in Mind Medicine (MindMed) in the 2nd quarter valued at $72,000. Wealth Alliance purchased a new position in Mind Medicine (MindMed) in the 2nd quarter valued at $79,000. Arizona State Retirement System purchased a new position in Mind Medicine (MindMed) in the 2nd quarter valued at $114,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter worth $131,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Down 0.7 %

Shares of NASDAQ:MNMD opened at $5.85 on Friday. The business has a 50-day moving average price of $6.81 and a 200 day moving average price of $7.99. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $420.45 million, a price-to-earnings ratio of -1.99 and a beta of 2.53. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22.

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

Analyst Ratings Changes

A number of analysts have issued reports on the company. Roth Mkm assumed coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price for the company. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Canaccord Genuity Group cut their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Finally, HC Wainwright raised their target price 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. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $25.38.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 in the last three months. 2.26% of the stock is owned by corporate insiders.

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.