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Citigroup Inc. purchased a new stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 87,095 shares of the company’s stock, valued at approximately $273,000.
A number of other institutional investors and hedge funds have also bought and sold shares of MNMD. Royal Bank of Canada grew its position in shares of Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after purchasing an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $28,000. Virtu Financial LLC bought a new position in Mind Medicine (MindMed) in the 1st quarter valued at approximately $29,000. Regal Investment Advisors LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter valued at approximately $46,000. Finally, Commonwealth Equity Services LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter valued at approximately $53,000. Institutional investors and hedge funds own 27.91% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages recently commented on MNMD. Royal Bank of Canada increased their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Finally, Canaccord Genuity Group began coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 5th. They set a “buy” rating and a $9.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $24.83.
Read Our Latest Stock Analysis on Mind Medicine (MindMed)
Mind Medicine (MindMed) Stock Performance
Shares of MNMD stock opened at $9.86 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $11.10. The firm has a market cap of $407.51 million, a price-to-earnings ratio of -4.02 and a beta of 2.65. The firm’s 50-day simple moving average is $5.88 and its two-hundred day simple moving average is $4.19.
Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). As a group, equities analysts forecast that Mind Medicine will post -1.7 earnings per share for the current year.
Insider Activity at Mind Medicine (MindMed)
In related news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now owns 358,452 shares of the company’s stock, valued at $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by company insiders.
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 for the treatment of core symptoms of autism spectrum disorder.
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Source: defenseworld.net
