Nuveen LLC Acquires Shares of 266,051 Mind Medicine (MindMed) Inc. $MNMD

Key Points

• Nuveen LLC has acquired 266,051 shares of Mind Medicine (MindMed) Inc. valued at approximately $1.56 million, representing a 0.35% ownership in the company.
• Wall Street analysts have shown optimism, with Oppenheimer setting an "outperform" rating and a price target of $25.00, while the consensus target price stands at $24.71.
• Mind Medicine recently reported a loss of ($0.50) earnings per share, missing estimates, and its stock price has seen volatility, currently trading at $8.88.

Nuveen LLC purchased a new position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 266,051 shares of the company's stock, valued at approximately $1,556,000. Nuveen LLC owned 0.35% of Mind Medicine (MindMed) at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Virtu Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) during the first quarter worth about $192,000. Blair William & Co. IL acquired a new stake in shares of Mind Medicine (MindMed) during the first quarter worth about $73,000. Gruss & Co. LLC acquired a new stake in Mind Medicine (MindMed) in the 1st quarter valued at approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Mind Medicine (MindMed) by 6.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company's stock valued at $169,000 after acquiring an additional 1,669 shares in the last quarter. Finally, Black Swift Group LLC bought a new stake in Mind Medicine (MindMed) in the 1st quarter valued at approximately $63,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Up 1.9%

Shares of NASDAQ:MNMD traded up $0.17 during trading on Thursday, hitting $9.23. 1,012,546 shares of the company were exchanged, compared to its average volume of 1,141,244. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $11.02. The firm has a fifty day moving average price of $8.97 and a two-hundred day moving average price of $7.42. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22. The stock has a market cap of $702.31 million, a price-to-earnings ratio of -6.03 and a beta of 2.48.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings results 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, research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Daniel Karlin sold 7,848 shares of Mind Medicine (MindMed) 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark Sullivan sold 11,491 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $78,138.80. Following the sale, the insider directly owned 305,130 shares of the company's stock, valued at $2,074,884. The trade was a 3.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,830 shares of company stock valued at $311,644. Company insiders own 2.45% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on MNMD shares. Oppenheimer started coverage on Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an "outperform" rating and a $25.00 target price on the stock. Chardan Capital restated a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Finally, Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating and seven have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price 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.