Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Shares Sold by Moloney Securities Asset Management LLC

Moloney Securities Asset Management LLC reduced its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 69.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,011 shares of the company's stock after selling 80,500 shares during the quarter. Moloney Securities Asset Management LLC's holdings in Mind Medicine (MindMed) were worth $211,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MNMD. Diadema Partners LP bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $33,000. King Wealth Management Group bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $70,000. Virtus ETF Advisers LLC bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $70,000. Sharpepoint LLC bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $71,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $72,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Trading Down 3.1%

MNMD traded down $0.26 during trading on Tuesday, reaching $8.07. The company had a trading volume of 811,600 shares, compared to its average volume of 1,327,718. The stock has a market cap of $609.71 million, a P/E ratio of -6.26 and a beta of 2.45. The business has a 50 day simple moving average of $7.13 and a 200-day simple moving average of $6.91. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $10.44. The company has a quick ratio of 7.27, a current ratio of 7.27 and a debt-to-equity ratio of 0.10.

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, topping the consensus estimate of ($0.36) by $0.01. On average, equities analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MNMD. Chardan Capital reiterated 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 report on Tuesday, May 13th. Eight research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $25.50.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,848 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $53,366.40. Following the completion of the transaction, the insider directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert Barrow sold 26,491 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $180,138.80. Following the completion of the transaction, the chief executive officer directly owned 830,065 shares of the company's stock, valued at $5,644,442. The trade was a 3.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,830 shares of company stock worth $311,644. Insiders own 2.45% of the company's stock.

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.