Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 12.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 272,929 shares of the company's stock after selling 39,662 shares during the quarter. Bank of America Corp DE owned about 0.37% of Mind Medicine (MindMed) worth $1,900,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. SG Americas Securities LLC raised its position in Mind Medicine (MindMed) by 48.8% in the 4th quarter. SG Americas Securities LLC now owns 24,406 shares of the company's stock worth $170,000 after purchasing an additional 8,004 shares during the period. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Mind Medicine (MindMed) in the fourth quarter worth approximately $108,000. Rhumbline Advisers lifted its stake in shares of Mind Medicine (MindMed) by 5.1% during the 4th quarter. Rhumbline Advisers now owns 100,695 shares of the company's stock worth $701,000 after acquiring an additional 4,868 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 acquiring an additional 10,338 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its holdings in Mind Medicine (MindMed) by 25.1% during the 4th quarter. Oppenheimer & Co. Inc. now owns 65,541 shares of the company's stock valued at $456,000 after acquiring an additional 13,160 shares during the period. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Stock Up 1.3%

NASDAQ MNMD traded up $0.10 during trading on Friday, reaching $7.79. 1,100,796 shares of the company's stock traded hands, compared to its average volume of 1,361,751. Mind Medicine has a 12-month low of $4.70 and a 12-month high of $10.44. 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 has a market cap of $588.56 million, a price-to-earnings ratio of -3.45 and a beta of 2.52. The company's 50 day simple moving average is $6.40 and its two-hundred day simple moving average is $6.95.

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

Analysts Set New Price Targets

MNMD has been the subject of several research analyst reports. Robert W. Baird decreased their target price on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, HC Wainwright restated a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Eight investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $25.50.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 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 $46,074.64. Following the completion of the sale, the insider now directly owns 446,177 shares of the company's stock, valued at approximately $3,007,232.98. This represents a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) 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 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 disclosure for this sale can be found here. Insiders sold 30,391 shares of company stock worth $204,835 in the last three months. 2.45% of the stock is owned by 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.