Wellington Management Group LLP Purchases 109,152 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Wellington Management Group LLP raised its position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 142.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 185,722 shares of the company’s stock after acquiring an additional 109,152 shares during the quarter. Wellington Management Group LLP owned about 0.26% of Mind Medicine (MindMed) worth $1,057,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. State Street Corp increased 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 worth $10,326,000 after purchasing an additional 9,782 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 worth $126,000 after acquiring an additional 4,079 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in Mind Medicine (MindMed) in the third quarter worth $242,000. Charles Schwab Investment Management Inc. increased its stake in Mind Medicine (MindMed) by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock valued at $3,428,000 after purchasing an additional 46,187 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Mind Medicine (MindMed) during the third quarter valued at about $134,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on MNMD. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 price target for the company. Canaccord Genuity Group dropped their price objective 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. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday. Eight equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Mind Medicine (MindMed) has a consensus rating of “Buy” and an average target price of $27.71.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 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 value of $41,088.58. Following the sale, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction on 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 of the company’s stock, valued at $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,994 shares of company stock worth $173,384. Insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Trading Down 2.9 %

Shares of Mind Medicine (MindMed) stock opened at $7.01 on Friday. The stock has a fifty day moving average price of $7.11 and a 200-day moving average price of $7.00. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The firm has a market cap of $514.06 million, a PE ratio of -3.10 and a beta of 2.58. Mind Medicine has a 1 year low of $3.35 and a 1 year high of $12.22.

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.