Profund Advisors LLC Purchases Shares of 20,846 Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Profund Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,846 shares of the company’s stock, valued at approximately $150,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. SageView Advisory Group LLC acquired a new position in Mind Medicine (MindMed) during the first quarter worth approximately $25,000. Wealth Alliance acquired a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $79,000. AdvisorShares Investments LLC raised its stake in Mind Medicine (MindMed) by 13.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 124,166 shares of the company’s stock valued at $878,000 after acquiring an additional 14,659 shares during the period. Arizona State Retirement System bought a new stake in Mind Medicine (MindMed) in the 2nd quarter valued at $114,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the first quarter valued at $168,000. 27.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MNMD has been the topic of a number of research reports. Canaccord Genuity Group decreased 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. Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada reissued an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Roth Mkm began coverage on Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 price objective on the stock. Finally, HC Wainwright lifted their target price on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Stock Down 0.7 %

MNMD stock opened at $5.85 on Monday. The company has a market cap of $420.45 million, a PE ratio of -1.99 and a beta of 2.53. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22. The business has a 50-day simple moving average of $6.81 and a 200 day simple moving average of $7.99.

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

Insider Buying and Selling at Mind Medicine (MindMed)

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