Virtu Financial LLC Buys New Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Key Points

• Virtu Financial LLC acquired a new position in Mind Medicine (MindMed) Inc., purchasing 32,836 shares valued at approximately $192,000 during the first quarter.
• Mind Medicine's stock opened at $9.61, with a market cap of $731.22 million and a P/E ratio of -6.28; it has seen a 52-week low of $4.70 and a high of $10.49.
• Several analysts have rated Mind Medicine with a "buy" or "strong buy" rating, with an average price target of $24.71 per share, indicating positive sentiment for future growth.

Virtu Financial LLC bought a new stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 32,836 shares of the company's stock, valued at approximately $192,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MNMD. Diadema Partners LP bought a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $33,000. Black Swift Group LLC bought a new position in Mind Medicine (MindMed) in the 1st quarter valued at about $63,000. Virtus ETF Advisers LLC bought a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $70,000. Sharpepoint LLC bought a new position in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $71,000. Finally, Blair William & Co. IL bought a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $73,000. Institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $9.61 on Friday. The firm's 50 day simple moving average is $8.30 and its 200-day simple moving average is $7.31. The company has a market cap of $731.22 million, a P/E ratio of -6.28 and a beta of 2.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $10.49.

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 for the quarter, missing the consensus estimate of ($0.38) by ($0.12). As a group, equities research analysts predict that Mind Medicine will post -1.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MNMD. Oppenheimer began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They set an "outperform" rating and a $25.00 price objective for the company. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Finally, Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $24.71.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Mark Sullivan sold 11,491 shares of the firm'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 transaction of $78,138.80. Following the completion of the sale, the insider directly owned 305,130 shares in the company, valued at approximately $2,074,884. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel Karlin sold 7,848 shares of the firm'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 transaction of $53,366.40. Following the sale, the insider owned 438,329 shares of the company's stock, valued at approximately $2,980,637.20. This represents a 1.76% decrease in their ownership of the stock. 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 over the last ninety days. Corporate 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.

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