Mind Medicine (MindMed) Inc. $MNMD Position Lessened by PEAK6 LLC

Key Points

• PEAK6 LLC significantly reduced its holdings in Mind Medicine (MindMed) by 77.7% in Q1, leaving it with 13,002 shares valued at $76,000.
• Several institutional investors increased their stakes in Mind Medicine (MindMed) during the 4th quarter, with Wealth Enhancement Advisory Services raising its position by 32.8%.
• Mind Medicine has received positive analyst ratings, with Oppenheimer giving it an "outperform" rating and a price target of $25.00, signaling optimism about the company's future performance.

PEAK6 LLC cut its position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 77.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,002 shares of the company's stock after selling 45,193 shares during the quarter. PEAK6 LLC's holdings in Mind Medicine (MindMed) were worth $76,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds 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 fourth quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock worth $8,304,000 after acquiring an additional 340,162 shares during the last quarter. Woodline Partners LP boosted its position in shares of Mind Medicine (MindMed) by 0.3% in 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 period. Northern Trust Corp boosted its position in shares of Mind Medicine (MindMed) by 12.6% in the fourth quarter. Northern Trust Corp now owns 684,836 shares of the company's stock worth $4,766,000 after buying an additional 76,559 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Mind Medicine (MindMed) by 3.2% in the fourth quarter. Nuveen Asset Management LLC now owns 286,334 shares of the company's stock worth $1,993,000 after buying an additional 8,856 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Mind Medicine (MindMed) in the first quarter worth about $1,556,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MNMD has been the subject of several analyst reports. Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Oppenheimer initiated 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, Chardan Capital reaffirmed a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $24.71.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,848 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $53,366.40. Following the transaction, the insider owned 438,329 shares of the company's stock, valued at $2,980,637.20. This trade represents a 1.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark Sullivan sold 11,491 shares of the 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 $78,138.80. Following the transaction, the insider directly owned 305,130 shares in the company, valued at approximately $2,074,884. This represents a 3.63% 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 in the last quarter. Insiders own 2.45% of the company's stock.

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD traded down $0.01 during trading hours on Friday, reaching $9.22. 797,892 shares of the stock were exchanged, compared to its average volume of 1,483,712. The company has a quick ratio of 4.98, a current ratio of 4.98 and a debt-to-equity ratio of 0.22. The firm has a 50 day simple moving average of $8.97 and a 200-day simple moving average of $7.42. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $11.02. The stock has a market capitalization of $701.68 million, a P/E ratio of -6.03 and a beta of 2.48.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12). As a group, sell-side analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal 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.