Ally Bridge Group NY LLC Sells 458,233 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Ally Bridge Group NY LLC trimmed its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 58.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 330,275 shares of the company's stock after selling 458,233 shares during the period. Mind Medicine (MindMed) makes up about 1.9% of Ally Bridge Group NY LLC's holdings, making the stock its 26th biggest position. Ally Bridge Group NY LLC owned approximately 0.45% of Mind Medicine (MindMed) worth $2,299,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Marshall Wace LLP increased its holdings in shares of Mind Medicine (MindMed) by 9.3% in the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after purchasing an additional 213,526 shares during the period. Geode Capital Management LLC increased its stake in 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 valued at $11,996,000 after buying an additional 45,386 shares during the period. Northern Trust Corp lifted its position in Mind Medicine (MindMed) by 12.6% in the 4th quarter. Northern Trust Corp now owns 684,836 shares of the company's stock worth $4,766,000 after buying an additional 76,559 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 valued at $1,393,000 after buying an additional 10,338 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Mind Medicine (MindMed) by 4.7% during the 4th quarter. Wellington Management Group LLP now owns 194,491 shares of the company's stock valued at $1,354,000 after acquiring an additional 8,769 shares in the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD traded down $0.24 during midday trading on Tuesday, reaching $6.32. The stock had a trading volume of 946,228 shares, compared to its average volume of 1,386,244. The stock has a market capitalization of $475.95 million, a P/E ratio of -2.79 and a beta of 2.52. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $10.44. The firm's fifty day simple moving average is $6.12 and its 200-day simple moving average is $6.95.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.08). During the same quarter in the previous year, the business earned ($0.59) earnings per share. On average, equities research 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, insider Daniel Karlin sold 6,836 shares of the stock in a transaction on Tuesday, March 25th. The stock was 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 directly owns 446,177 shares in the company, valued at $3,007,232.98. This represents a 1.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction 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 transaction, the chief executive officer now directly owns 856,556 shares of the company's stock, valued at approximately $5,773,187.44. The trade was 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 valued at $204,835 in the last 90 days. 2.26% of the stock is currently owned by company 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.