BIT Capital GmbH Acquires New Holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

BIT Capital GmbH bought a new position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the fourth quarter, HoldingsChannel.com reports. The fund bought 63,405 shares of the company’s stock, valued at approximately $441,000.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. Wellington Management Group LLP boosted its position in Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after purchasing an additional 109,152 shares during the last quarter. Wealthfront Advisers LLC bought a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $717,000. Barclays PLC grew its stake in shares of Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $337,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $46,074.64. Following the completion of the transaction, the insider now owns 446,177 shares of the company’s stock, valued at $3,007,232.98. This represents a 1.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Barrow sold 21,208 shares of the firm’s stock in a transaction dated 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 owns 856,556 shares of the company’s stock, valued at approximately $5,773,187.44. The trade was 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 over the last quarter. Insiders own 2.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Chardan Capital started coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Finally, Evercore ISI initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target for the company. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $25.11.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD opened at $6.58 on Thursday. The business’s 50-day simple moving average is $7.28 and its two-hundred day simple moving average is $6.96. Mind Medicine has a 52 week low of $5.03 and a 52 week high of $12.22. The stock has a market cap of $495.92 million, a PE ratio of -2.91 and a beta of 2.57. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued 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 company earned ($0.59) earnings per share. As a group, analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

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.