Wellington Management Group LLP Raises Stake in Mind Medicine (MindMed) Inc. $MNMD

Key Points

• Wellington Management Group LLP increased its stake in Mind Medicine (MindMed) by 16.2% in Q1, owning 225,928 shares valued at approximately $1.32 million.
• Mind Medicine's stock has recently seen a 9.2% decline, with current trading around $8.88 after missing earnings expectations.
• Analysts have set optimistic price targets, with Oppenheimer suggesting a target of $25.00 and a consensus rating of Buy for the stock.

Wellington Management Group LLP lifted its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 16.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 225,928 shares of the company's stock after acquiring an additional 31,437 shares during the period. Wellington Management Group LLP owned 0.30% of Mind Medicine (MindMed) worth $1,322,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Black Swift Group LLC purchased a new position in Mind Medicine (MindMed) in the first quarter valued at approximately $63,000. Blair William & Co. IL acquired a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at $73,000. BNP Paribas Financial Markets purchased a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at $74,000. Summit Securities Group LLC acquired a new stake in Mind Medicine (MindMed) during the 1st quarter worth $81,000. Finally, Ameriprise Financial Inc. acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth $88,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD traded down $0.22 during trading on Thursday, reaching $8.84. The company had a trading volume of 582,655 shares, compared to its average volume of 1,485,359. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $11.02. 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 stock's fifty day moving average price is $8.92 and its 200 day moving average price is $7.43. The firm has a market capitalization of $672.64 million, a price-to-earnings ratio of -5.78 and a beta of 2.48.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates 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 Activity

In other news, insider Mark Sullivan sold 11,491 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $78,138.80. Following the transaction, the insider directly owned 305,130 shares in the company, valued at $2,074,884. The trade was a 3.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel Karlin sold 7,848 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $53,366.40. Following the completion of the sale, the insider owned 438,329 shares of the company's stock, valued at approximately $2,980,637.20. The trade was a 1.76% 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 valued at $311,644 over the last quarter. Corporate insiders own 2.26% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Chardan Capital reaffirmed a "buy" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Oppenheimer began coverage on Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an "outperform" rating and a $25.00 target price for the company. Finally, Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Two analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company's stock. According to MarketBeat.com, Mind Medicine (MindMed) has an average rating of "Buy" and a consensus price target of $24.71.

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.