Millennium Management LLC Has $1.29 Million Holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Millennium Management LLC boosted its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 134.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 185,721 shares of the company's stock after acquiring an additional 106,511 shares during the quarter. Millennium Management LLC owned approximately 0.25% of Mind Medicine (MindMed) worth $1,293,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Corebridge Financial Inc. increased its stake in shares of Mind Medicine (MindMed) by 4.1% during 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 during the last quarter. Commonwealth Equity Services LLC increased its position in Mind Medicine (MindMed) by 9.9% during 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 during the last quarter. Teacher Retirement System of Texas raised its holdings in Mind Medicine (MindMed) by 19.1% during the fourth quarter. Teacher Retirement System of Texas now owns 18,205 shares of the company's stock valued at $127,000 after buying an additional 2,915 shares in the last quarter. Invesco Ltd. raised its holdings in Mind Medicine (MindMed) by 12.4% during the fourth quarter. Invesco Ltd. now owns 41,400 shares of the company's stock valued at $288,000 after buying an additional 4,564 shares in the last quarter. Finally, Diadema Partners LP acquired a new stake in shares of Mind Medicine (MindMed) in the fourth quarter worth about $33,000. Institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD traded up $0.10 during midday trading on Friday, hitting $7.79. The company had a trading volume of 1,100,696 shares, compared to its average volume of 1,363,323. The firm has a fifty day simple moving average of $6.35 and a two-hundred day simple moving average of $6.95. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $10.44. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock has a market cap of $588.56 million, a price-to-earnings ratio of -3.45 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released 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. Equities analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MNMD shares. Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. HC Wainwright reaffirmed a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, May 9th. Finally, Robert W. Baird cut their target price on shares of 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. Eight analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $25.50.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the business's stock in a transaction 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 sale, the insider now owns 446,177 shares of the company's stock, valued at $3,007,232.98. The trade was a 1.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert Barrow sold 21,208 shares of the firm'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 value of $142,941.92. Following the transaction, the chief executive officer now owns 856,556 shares of the company's stock, valued at $5,773,187.44. This trade represents a 2.42% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,391 shares of company stock worth $204,835. 2.45% of the stock is owned by corporate insiders.

About Mind Medicine (MindMed)

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.