Allostery Investments LP Acquires Shares of 130,000 Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Allostery Investments LP acquired a new stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 130,000 shares of the company's stock, valued at approximately $905,000. Mind Medicine (MindMed) makes up about 0.9% of Allostery Investments LP's investment portfolio, making the stock its 19th largest position. Allostery Investments LP owned approximately 0.18% of Mind Medicine (MindMed) as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Marshall Wace LLP boosted its holdings in Mind Medicine (MindMed) by 9.3% during the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock worth $17,410,000 after buying an additional 213,526 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Mind Medicine (MindMed) by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock worth $11,996,000 after acquiring an additional 45,386 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Mind Medicine (MindMed) by 12.6% during the fourth quarter. Northern Trust Corp now owns 684,836 shares of the company's stock valued at $4,766,000 after purchasing an additional 76,559 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Mind Medicine (MindMed) by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company's stock worth $1,393,000 after buying an additional 10,338 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Mind Medicine (MindMed) by 4.7% during the fourth quarter. Wellington Management Group LLP now owns 194,491 shares of the company's stock valued at $1,354,000 after buying an additional 8,769 shares in the last quarter. Institutional investors and hedge funds own 27.91% of the company's stock.

Analyst Ratings Changes

MNMD has been the topic of several recent analyst reports. Robert W. Baird cut their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price on the stock. Finally, HC Wainwright restated a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Ten analysts have rated the stock with a buy rating and three 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 $25.11.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the firm's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $46,074.64. Following the completion of the transaction, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. This trade represents a 1.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Barrow sold 21,208 shares of the company'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 value of $142,941.92. Following the completion of the sale, the chief executive officer now owns 856,556 shares in the company, valued at approximately $5,773,187.44. This represents a 2.42 % 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 worth $204,835 over the last three months. Company insiders own 2.26% of the company's stock.

Mind Medicine (MindMed) Stock Performance

Shares of Mind Medicine (MindMed) stock traded down $0.38 on Monday, reaching $6.55. The stock had a trading volume of 729,591 shares, compared to its average volume of 1,388,004. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The business's 50-day moving average price is $6.13 and its two-hundred day moving average price is $6.95. The stock has a market cap of $493.66 million, a P/E ratio of -2.90 and a beta of 2.52. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $10.44.

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

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.