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

BIT Capital GmbH bought a new position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 63,405 shares of the company’s stock, valued at approximately $441,000. BIT Capital GmbH owned approximately 0.09% of Mind Medicine (MindMed) at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Intech Investment Management LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $134,000. Charles Schwab Investment Management Inc. boosted its position in shares of Mind Medicine (MindMed) by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock valued at $3,428,000 after acquiring an additional 46,187 shares during the period. MetLife Investment Management LLC purchased a new position in Mind Medicine (MindMed) during the third quarter valued at approximately $242,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Mind Medicine (MindMed) by 22.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after acquiring an additional 4,079 shares during the period. Finally, State Street Corp lifted its stake in Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after purchasing an additional 9,782 shares in the last quarter. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Trading Down 2.9 %

NASDAQ:MNMD opened at $6.58 on Thursday. The firm has a market capitalization of $495.92 million, a P/E ratio of -2.91 and a beta of 2.57. 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 has a one year low of $5.03 and a one year high of $12.22. The company’s 50-day simple moving average is $7.28 and its 200 day simple moving average is $6.96.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same period in the prior year, the firm posted ($0.59) earnings per share. As a group, analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In related 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 sale, the insider now directly owns 446,177 shares of the company’s stock, valued at approximately $3,007,232.98. This represents a 1.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the transaction, the chief executive officer now directly owns 856,556 shares of the company’s stock, valued at $5,773,187.44. This trade represents a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,391 shares of company stock valued at $204,835. Insiders own 2.26% of the company’s stock.

Wall Street Analyst Weigh In

MNMD has been the subject of a number of recent analyst reports. Robert W. Baird reduced their price target on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research 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. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective on the stock. Finally, Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 target price 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $25.11.

About Mind Medicine (MindMed)

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.