DRW Securities LLC Takes $292,000 Position in Mind Medicine (MindMed) Inc. $MNMD

DRW Securities LLC acquired a new stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the first quarter, Holdings Channel reports. The institutional investor acquired 50,000 shares of the company’s stock, valued at approximately $292,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Mind Medicine (MindMed) by 6.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company’s stock valued at $169,000 after buying an additional 1,669 shares during the last quarter. Woodline Partners LP increased its stake in shares of Mind Medicine (MindMed) by 0.3% in the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock worth $6,996,000 after acquiring an additional 2,654 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Mind Medicine (MindMed) by 32.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company’s stock worth $94,000 after acquiring an additional 3,350 shares in the last quarter. Invesco Ltd. increased its stake in shares of Mind Medicine (MindMed) by 12.4% in the 4th quarter. Invesco Ltd. now owns 41,400 shares of the company’s stock worth $288,000 after acquiring an additional 4,564 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Mind Medicine (MindMed) by 28.1% in the 4th quarter. Two Sigma Advisers LP now owns 24,650 shares of the company’s stock worth $172,000 after acquiring an additional 5,400 shares in the last quarter. 27.91% of the stock is currently owned by institutional investors.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock opened at $8.88 on Tuesday. Mind Medicine has a one year low of $4.70 and a one year high of $11.02. The company’s 50-day moving average is $8.83 and its 200 day moving average is $7.40. The company has a market capitalization of $675.68 million, a price-to-earnings ratio of -5.80 and a beta of 2.49. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.12). Sell-side analysts expect that Mind Medicine will post -1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MNMD. Chardan Capital reiterated a “buy” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Oppenheimer began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an “outperform” rating and a $25.00 price target for the company. Finally, Cantor Fitzgerald raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $24.71.

Insider Activity

In other news, insider Mark Sullivan sold 11,491 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $78,138.80. Following the sale, the insider owned 305,130 shares of the company’s stock, valued at $2,074,884. This trade represents a 3.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel Karlin sold 7,848 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $53,366.40. Following the sale, the insider directly owned 438,329 shares in the company, valued at approximately $2,980,637.20. The trade was a 1.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock valued at $311,644 in the last 90 days. 2.26% of the stock is currently owned by insiders.

Mind Medicine (MindMed) Company 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.