Geode Capital Management LLC Acquires 45,386 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Geode Capital Management LLC boosted its stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,723,088 shares of the company's stock after acquiring an additional 45,386 shares during the quarter. Geode Capital Management LLC owned about 2.35% of Mind Medicine (MindMed) worth $11,996,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MNMD. Wealthfront Advisers LLC bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at $717,000. Barclays PLC grew its stake in Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company's stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. BIT Capital GmbH bought a new stake in Mind Medicine (MindMed) in the fourth quarter valued at about $441,000. Raymond James Financial Inc. bought a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $111,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $91,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 21,208 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $142,941.92. Following the transaction, the chief executive officer now directly owns 856,556 shares of the company's stock, valued at approximately $5,773,187.44. This represents a 2.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Daniel Karlin sold 6,836 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the sale, the insider now directly owns 446,177 shares of the company's stock, valued at approximately $3,007,232.98. The trade was a 1.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,391 shares of company stock worth $204,835. 2.26% of the stock is currently owned by company insiders.

Mind Medicine (MindMed) Trading Down 3.1 %

NASDAQ MNMD traded down $0.20 on Friday, hitting $6.23. 717,589 shares of the company were exchanged, compared to its average volume of 1,391,707. Mind Medicine has a twelve month low of $4.70 and a twelve month high of $10.44. The company's 50 day moving average price is $6.24 and its 200-day moving average price is $6.91. The firm has a market capitalization of $469.54 million, a P/E ratio of -2.76 and a beta of 2.54. 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 announced its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same quarter in the prior year, the business earned ($0.59) EPS. Analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on MNMD shares. Robert W. Baird decreased their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a report on Friday, March 7th. HC Wainwright restated a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Finally, Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price on the stock. Ten investment 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, the company has an average rating of "Buy" and a consensus price target of $25.11.

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.