Cerity Partners LLC Takes Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Key Points

• Cerity Partners LLC has acquired a new stake in Mind Medicine (MindMed) Inc. valued at approximately $284,000, buying 48,485 shares during the first quarter.
• Multiple institutional investors, including Wealth Enhancement Advisory Services LLC and Deutsche Bank AG, have increased their stakes in MindMed significantly during the fourth quarter, with institutional ownership currently at 27.91%.
• Analysts are optimistic about MindMed's performance, with a consensus target price of $24.00 and ratings primarily leaning towards "buy" and "strong buy."

Cerity Partners LLC acquired a new position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 48,485 shares of the company's stock, valued at approximately $284,000. Cerity Partners LLC owned 0.06% of Mind Medicine (MindMed) at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MNMD. Raymond James Financial Inc. bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $111,000. Commonwealth Equity Services LLC raised its holdings in shares of Mind Medicine (MindMed) by 9.9% in the 4th 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. Teacher Retirement System of Texas raised its holdings in shares of 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 worth $127,000 after buying an additional 2,915 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $72,000. Finally, LPL Financial LLC raised its holdings in shares of Mind Medicine (MindMed) by 30.1% in the 4th quarter. LPL Financial LLC now owns 62,334 shares of the company's stock worth $434,000 after buying an additional 14,439 shares in the last quarter. Institutional investors own 27.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MNMD shares. Chardan Capital reissued a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, May 9th. Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $24.00.

Insider Activity at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 26,491 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $180,138.80. Following the completion of the sale, the chief executive officer directly owned 830,065 shares of the company's stock, valued at $5,644,442. This trade represents a 3.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark Sullivan sold 11,491 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $78,138.80. Following the completion of the sale, the insider directly owned 305,130 shares of the company's stock, valued at $2,074,884. This trade represents a 3.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock valued at $311,644 in the last three months. Corporate insiders own 2.45% of the company's stock.

Mind Medicine (MindMed) Price Performance

MNMD stock traded up $0.20 during midday trading on Thursday, reaching $9.23. 298,498 shares of the company's stock traded hands, compared to its average volume of 1,528,942. The company has a 50-day simple moving average of $7.76 and a two-hundred day simple moving average of $7.08. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $10.44. The company has a market cap of $697.33 million, a price-to-earnings ratio of -7.14 and a beta of 2.45. The company has a quick ratio of 7.27, a current ratio of 7.27 and a debt-to-equity ratio of 0.10.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings results 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. On average, analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

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.