Blackstone Inc. Cuts Stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Blackstone Inc. cut its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 8.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,587,479 shares of the company's stock after selling 325,000 shares during the quarter. Blackstone Inc. owned approximately 4.89% of Mind Medicine (MindMed) worth $24,969,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MNMD. BNP Paribas Financial Markets purchased a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $74,000. Ameriprise Financial Inc. purchased a new position in Mind Medicine (MindMed) during the fourth quarter worth $88,000. Allostery Investments LP bought a new position in Mind Medicine (MindMed) during the fourth quarter valued at $905,000. Northern Trust Corp raised its stake in shares of Mind Medicine (MindMed) by 12.6% in the fourth quarter. Northern Trust Corp now owns 684,836 shares of the company's stock valued at $4,766,000 after acquiring an additional 76,559 shares during the period. Finally, Virtus ETF Advisers LLC bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth about $70,000. Institutional investors own 27.91% of the company's stock.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) 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 transaction, the chief executive officer now directly owns 856,556 shares of the company's stock, valued at $5,773,187.44. The trade was a 2.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the insider now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 30,391 shares of company stock valued at $204,835. Company insiders own 2.45% of the company's stock.

Mind Medicine (MindMed) Stock Performance

MNMD stock traded down $0.30 during trading on Friday, reaching $6.16. The company had a trading volume of 946,125 shares, compared to its average volume of 1,380,879. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. Mind Medicine has a twelve month low of $4.70 and a twelve month high of $10.44. The company has a market cap of $464.27 million, a price-to-earnings ratio of -2.73 and a beta of 2.52. The firm has a 50-day simple moving average of $6.12 and a 200-day simple moving average of $6.95.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.36) by $0.01. As a group, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an "outperform" rating and a $23.00 price objective for the company. Chardan Capital restated a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Friday. Robert W. Baird dropped 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. Finally, HC Wainwright reiterated a "buy" rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Mind Medicine (MindMed) currently has an average rating of "Buy" and a consensus target price of $25.11.

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.