Blackstone Inc. Trims Stock Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Blackstone Inc. decreased its position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 8.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund 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 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in MNMD. Diadema Partners LP purchased a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $33,000. Hollencrest Capital Management increased its stake in Mind Medicine (MindMed) by 10,833.3% in the fourth quarter. Hollencrest Capital Management now owns 7,216 shares of the company's stock valued at $50,000 after purchasing an additional 7,150 shares during the period. King Wealth Management Group acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $70,000. Virtus ETF Advisers LLC purchased a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at approximately $70,000. Finally, Sharpepoint LLC acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at $71,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Insider Transactions at Mind Medicine (MindMed)

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MNMD. Robert W. Baird lowered 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 restated a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Finally, Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price for the company. Ten equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $25.11.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD opened at $6.55 on Tuesday. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $10.44. The business has a fifty day moving average of $6.12 and a 200-day moving average of $6.95. The stock has a market cap of $493.66 million, a price-to-earnings ratio of -2.90 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.08). During the same period in the previous year, the firm posted ($0.59) earnings per share. As a group, analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal 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.

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