Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Shares Sold by Driehaus Capital Management LLC

Driehaus Capital Management LLC reduced its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 13.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,376,207 shares of the company's stock after selling 517,920 shares during the period. Driehaus Capital Management LLC owned 4.60% of Mind Medicine (MindMed) worth $23,498,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Corebridge Financial Inc. lifted its holdings in Mind Medicine (MindMed) by 4.1% in the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company's stock worth $279,000 after purchasing an additional 1,569 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Mind Medicine (MindMed) by 9.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company's stock worth $150,000 after buying an additional 1,928 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Mind Medicine (MindMed) by 21.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company's stock worth $87,000 after acquiring an additional 2,230 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Mind Medicine (MindMed) by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company's stock valued at $211,000 after acquiring an additional 2,797 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in Mind Medicine (MindMed) by 19.1% in the 4th quarter. Teacher Retirement System of Texas now owns 18,205 shares of the company's stock valued at $127,000 after acquiring an additional 2,915 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Chardan Capital reissued a "buy" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, May 9th. Finally, Robert W. Baird dropped 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 note on Friday, March 7th. Ten equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $25.11.

Mind Medicine (MindMed) Stock Up 0.6%

NASDAQ:MNMD traded up $0.04 during midday trading on Wednesday, reaching $6.41. The company had a trading volume of 442,449 shares, compared to its average volume of 1,373,072. Mind Medicine has a 12-month low of $4.70 and a 12-month high of $10.44. The firm has a market capitalization of $483.11 million, a price-to-earnings ratio of -2.84 and a beta of 2.52. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock'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 posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.01. On average, sell-side analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the 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 $46,074.64. Following 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the sale, the chief executive officer now owns 856,556 shares of the company's stock, valued at $5,773,187.44. This represents a 2.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,391 shares of company stock valued at $204,835 in the last ninety days. Insiders own 2.45% of the company's stock.

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.