Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Holdings Cut by Driehaus Capital Management LLC

Driehaus Capital Management LLC decreased its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 13.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,376,207 shares of the company's stock after selling 517,920 shares during the period. Driehaus Capital Management LLC owned approximately 4.60% of Mind Medicine (MindMed) worth $23,498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Corton Capital Inc. acquired a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $100,000. BNP Paribas Financial Markets acquired a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $74,000. Ameriprise Financial Inc. acquired a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $88,000. Allostery Investments LP acquired a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $905,000. Finally, Northern Trust Corp grew its holdings in shares of 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 acquiring an additional 76,559 shares during the period. Institutional investors and hedge funds own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Up 4.9%

NASDAQ MNMD traded up $0.30 during trading hours on Monday, hitting $6.45. The company had a trading volume of 724,349 shares, compared to its average volume of 1,378,274. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $10.44. The company has a market capitalization of $486.12 million, a price-to-earnings ratio of -2.85 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. The firm's 50 day moving average is $6.12 and its 200 day moving average is $6.95.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.01. Sell-side analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 21,208 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $142,941.92. Following the transaction, the chief executive officer now owns 856,556 shares of the company's stock, valued at approximately $5,773,187.44. This trade represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel Karlin sold 6,836 shares of the stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now directly owns 446,177 shares in the company, valued at $3,007,232.98. The trade was a 1.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,391 shares of company stock valued at $204,835. Insiders own 2.45% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MNMD shares. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price target on the stock. Robert W. Baird lowered their price target 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. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note 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, the company has an average rating of "Buy" and an average 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.