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

Millennium Management LLC raised its position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 134.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 185,721 shares of the company's stock after buying an additional 106,511 shares during the period. Millennium Management LLC owned about 0.25% of Mind Medicine (MindMed) worth $1,293,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC grew its stake in shares of Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company's stock valued at $170,000 after purchasing an additional 8,004 shares during the last quarter. Rhumbline Advisers boosted its stake in Mind Medicine (MindMed) by 5.1% in the fourth quarter. Rhumbline Advisers now owns 100,695 shares of the company's stock valued at $701,000 after acquiring an additional 4,868 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Mind Medicine (MindMed) by 5.4% in the fourth 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 last quarter. Oppenheimer & Co. Inc. boosted its stake in Mind Medicine (MindMed) by 25.1% in the fourth 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 last quarter. Finally, Raymond James Financial Inc. bought a new position in Mind Medicine (MindMed) in the fourth quarter valued at approximately $111,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Insider Buying and Selling

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

Mind Medicine (MindMed) Trading Up 1.3%

MNMD traded up $0.10 during mid-day trading on Friday, hitting $7.79. The stock had a trading volume of 1,100,796 shares, compared to its average volume of 1,362,449. The stock's fifty day simple moving average is $6.40 and its 200-day simple moving average is $6.95. 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 capitalization of $588.56 million, a price-to-earnings ratio of -3.45 and a beta of 2.52. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $10.44.

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 the consensus estimate of ($0.36) by $0.01. As a group, research analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Robert W. Baird reduced their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. Cantor Fitzgerald raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Eight analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, Mind Medicine (MindMed) has an average rating of "Buy" and an average target price of $25.50.

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.