Allostery Investments LP Invests $905,000 in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Allostery Investments LP bought a new stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 130,000 shares of the company's stock, valued at approximately $905,000. Mind Medicine (MindMed) comprises 0.9% of Allostery Investments LP's holdings, making the stock its 19th largest holding. Allostery Investments LP owned about 0.18% of Mind Medicine (MindMed) as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Barclays PLC increased its stake in Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company's stock worth $775,000 after buying an additional 91,271 shares in the last quarter. Geode Capital Management LLC lifted its stake in Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company's stock worth $9,548,000 after acquiring an additional 162,933 shares during the period. SG Americas Securities LLC lifted its holdings in Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company's stock worth $170,000 after buying an additional 8,004 shares during the period. Bank of Montreal Can bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter valued at about $74,000. Finally, Invesco Ltd. increased its position in shares of Mind Medicine (MindMed) by 12.4% during the fourth quarter. Invesco Ltd. now owns 41,400 shares of the company's stock worth $288,000 after purchasing an additional 4,564 shares in the last quarter. Institutional investors own 27.91% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MNMD shares. Robert W. Baird cut their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. HC Wainwright reiterated a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Finally, Evercore ISI initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an "outperform" rating and a $23.00 price target for the company. Ten analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $25.11.

Mind Medicine (MindMed) Stock Performance

MNMD traded up $0.26 during trading on Wednesday, reaching $6.57. 392,601 shares of the company were exchanged, compared to its average volume of 1,382,693. The stock has a market cap of $494.79 million, a P/E ratio of -2.89 and a beta of 2.52. The firm has a 50 day moving average of $6.12 and a 200 day moving average of $6.95. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $10.44. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its earnings results on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same quarter in the previous year, the business posted ($0.59) earnings per share. On average, sell-side analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 21,208 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the sale, the chief executive officer now directly owns 856,556 shares in the company, valued at $5,773,187.44. This trade represents a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Daniel Karlin sold 6,836 shares of the business's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the sale, the insider now owns 446,177 shares of the company's stock, valued at $3,007,232.98. This trade represents a 1.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,391 shares of company stock valued at $204,835 in the last 90 days. 2.26% of the stock is currently owned by company insiders.

Mind Medicine (MindMed) Company 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.