Wellington Management Group LLP Has $1.32 Million Stock Position 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 position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 16.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 225,928 shares of the company's stock after acquiring an additional 31,437 shares during the quarter. Wellington Management Group LLP owned 0.30% of Mind Medicine (MindMed) worth $1,322,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AWM Investment Company Inc. increased its stake in Mind Medicine (MindMed) by 39.9% during the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock worth $8,304,000 after buying an additional 340,162 shares during the period. Woodline Partners LP grew its stake in Mind Medicine (MindMed) by 0.3% during the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company's stock worth $6,996,000 after buying an additional 2,654 shares during the last quarter. Northern Trust Corp raised its position in shares of Mind Medicine (MindMed) by 12.6% during the 4th quarter. Northern Trust Corp now owns 684,836 shares of the company's stock valued at $4,766,000 after acquiring an additional 76,559 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Mind Medicine (MindMed) by 3.2% during the fourth quarter. Nuveen Asset Management LLC now owns 286,334 shares of the company's stock worth $1,993,000 after acquiring an additional 8,856 shares during the period. Finally, Nuveen LLC bought a new stake in Mind Medicine (MindMed) in the 1st quarter valued at $1,556,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 26,491 shares of the stock in a transaction dated 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 directly owned 830,065 shares in the company, valued at approximately $5,644,442. This represents a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 transaction of $78,138.80. Following the transaction, the insider owned 305,130 shares in the company, 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 45,830 shares of company stock valued at $311,644 in the last ninety days. Insiders own 2.45% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on MNMD. 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, August 1st. Oppenheimer started coverage on 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. Finally, Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $24.71.

Mind Medicine (MindMed) Stock Performance

MNMD stock traded down $0.06 during midday trading on Friday, hitting $9.18. 267,589 shares of the stock traded hands, compared to its average volume of 1,480,538. 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 simple moving average is $8.97 and its 200-day simple moving average is $7.42. The firm has a market cap of $698.11 million, a P/E ratio of -5.97 and a beta of 2.48. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $11.02.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12). On average, analysts expect 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.