Sharpepoint LLC Buys New Shares in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Sharpepoint LLC bought a new position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,165 shares of the company’s stock, valued at approximately $71,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its holdings in shares of Mind Medicine (MindMed) by 10,833.3% during the fourth quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock worth $50,000 after purchasing an additional 7,150 shares during the last quarter. King Wealth Management Group acquired a new stake in Mind Medicine (MindMed) during the 4th quarter worth about $70,000. KLP Kapitalforvaltning AS purchased a new position in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $72,000. Bank of Montreal Can acquired a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at about $74,000. Finally, Avantax Advisory Services Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the fourth quarter worth about $78,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 21,208 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 value of $142,941.92. Following the completion of the sale, the chief executive officer now directly owns 856,556 shares in the company, valued at $5,773,187.44. This represents a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Karlin sold 6,836 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. The trade was a 1.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,391 shares of company stock worth $204,835. Corporate insiders own 2.26% of the company’s stock.

Mind Medicine (MindMed) Stock Up 5.7 %

MNMD stock opened at $5.77 on Friday. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $10.44. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm has a 50-day simple moving average of $6.54 and a 200-day simple moving average of $6.90. The stock has a market capitalization of $434.87 million, a P/E ratio of -2.55 and a beta of 2.54.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same quarter last year, the business earned ($0.59) earnings per share. Equities analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MNMD shares. HC Wainwright reissued a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 target price for the company. Finally, Robert W. Baird lowered their price target 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. Ten equities 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.com, the stock currently has an average rating of “Buy” and an average 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.