Ikarian Capital LLC Cuts Stock Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Ikarian Capital LLC lessened its holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 61.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 62,481 shares of the company’s stock after selling 100,000 shares during the period. Ikarian Capital LLC owned 0.09% of Mind Medicine (MindMed) worth $356,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after buying an additional 203,216 shares in the last quarter. Rhumbline Advisers purchased a new stake in Mind Medicine (MindMed) in the 2nd quarter worth $679,000. Marshall Wace LLP grew its position in shares of Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after purchasing an additional 161,659 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Mind Medicine (MindMed) during the first quarter valued at about $239,000. Finally, Cubist Systematic Strategies LLC grew its position in shares of Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after purchasing an additional 6,890 shares in the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Down 1.5 %

MNMD traded down $0.12 on Tuesday, hitting $8.02. The company had a trading volume of 76,440 shares, compared to its average volume of 1,440,323. Mind Medicine has a 12-month low of $2.92 and a 12-month high of $12.22. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The business’s fifty day simple moving average is $6.63 and its 200 day simple moving average is $7.09.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group cut their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Finally, Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Nine equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $25.38.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the sale, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This trade represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,994 shares of company stock worth $173,384. Corporate insiders own 2.26% of the company’s stock.

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.