Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Shares Sold by Two Sigma Investments LP

Two Sigma Investments LP lowered its position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 35.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 180,293 shares of the company's stock after selling 98,746 shares during the period. Two Sigma Investments LP owned about 0.25% of Mind Medicine (MindMed) worth $1,255,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Marshall Wace LLP increased its position in shares of Mind Medicine (MindMed) by 9.3% during the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock worth $17,410,000 after purchasing an additional 213,526 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Mind Medicine (MindMed) by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock worth $11,996,000 after purchasing an additional 45,386 shares in the last quarter. Northern Trust Corp increased its position in Mind Medicine (MindMed) by 12.6% in 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 period. Nuveen Asset Management LLC increased its position in Mind Medicine (MindMed) by 3.2% in the 4th quarter. Nuveen Asset Management LLC now owns 286,334 shares of the company's stock valued at $1,993,000 after acquiring an additional 8,856 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Mind Medicine (MindMed) by 5.4% during the 4th 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. Institutional investors and hedge funds own 27.91% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Chardan Capital reaffirmed a "buy" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. Robert W. Baird reduced their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. HC Wainwright reaffirmed a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Finally, Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, May 13th. Eight investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $25.50.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock traded up $0.10 during trading hours on Friday, reaching $7.79. 1,100,796 shares of the company's stock were exchanged, compared to its average volume of 1,362,449. The company has a market cap of $588.56 million, a P/E ratio of -3.45 and a beta of 2.52. The company's 50 day moving average is $6.40 and its two-hundred day moving average is $6.95. Mind Medicine has a 1 year low of $4.70 and a 1 year high of $10.44. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.36) by $0.01. Equities research analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling

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

Mind Medicine (MindMed) 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.