Goldman Sachs Group Inc. Sells 104,611 Shares of Mind Medicine (MindMed) Inc. $MNMD

Key Points

• Goldman Sachs Group Inc. reduced its stake in Mind Medicine (MindMed) by 35.2%, owning approximately 0.25% of the company, which is valued at $1.12 million as of the end of the last quarter.
• Mind Medicine's recent earnings report revealed a loss of $0.50 per share, missing expectations by $0.12 and leading analysts to project an EPS of -1.35 for the current year.
• Analysts have set optimistic price targets for Mind Medicine, with Chardan Capital maintaining a "buy" rating and a target of $20.00, while Oppenheimer initiated coverage with a target of $25.00.

Goldman Sachs Group Inc. reduced its holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 35.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 192,195 shares of the company's stock after selling 104,611 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.25% of Mind Medicine (MindMed) worth $1,124,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MNMD. Nuveen LLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter valued at approximately $1,556,000. Millennium Management LLC lifted its position in shares of Mind Medicine (MindMed) by 134.5% during the 4th quarter. Millennium Management LLC now owns 185,721 shares of the company's stock valued at $1,293,000 after acquiring an additional 106,511 shares during the period. Ally Bridge Group NY LLC lifted its position in shares of Mind Medicine (MindMed) by 18.1% during the 1st quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company's stock valued at $2,282,000 after acquiring an additional 59,868 shares during the period. Capital Advisors Inc. OK acquired a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at $292,000. Finally, DRW Securities LLC acquired a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at $292,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MNMD has been the topic of a number of research reports. Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They set an "outperform" rating and a $25.00 target price on the stock. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $26.50.

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD traded up $0.50 during trading hours on Monday, hitting $9.54. 1,314,948 shares of the company traded hands, compared to its average volume of 1,154,268. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. The firm's 50-day simple moving average is $9.45 and its 200-day simple moving average is $7.61. Mind Medicine has a one year low of $4.70 and a one year high of $11.02.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.12). As a group, equities research analysts predict that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 26,491 shares of the company'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 transaction, the chief executive officer owned 830,065 shares of the company's stock, valued at $5,644,442. This represents a 3.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark Sullivan sold 11,491 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $78,138.80. Following the transaction, the insider owned 305,130 shares of the company's stock, valued at $2,074,884. The trade was a 3.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock worth $311,644 over the last three months. 2.26% of the stock is currently owned by insiders.

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.