Moloney Securities Asset Management LLC Cuts Stake in Mind Medicine (MindMed) Inc. $MNMD

Moloney Securities Asset Management LLC reduced its holdings in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 12.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,511 shares of the company’s stock after selling 4,500 shares during the period. Moloney Securities Asset Management LLC’s holdings in Mind Medicine (MindMed) were worth $205,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MNMD. Nuveen LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $1,556,000. Ally Bridge Group NY LLC increased its stake in Mind Medicine (MindMed) by 18.1% during the 1st quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company’s stock worth $2,282,000 after buying an additional 59,868 shares during the period. Capital Advisors Inc. OK purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $292,000. DRW Securities LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $292,000. Finally, Cerity Partners LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $284,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Trading Down 0.7%

NASDAQ MNMD opened at $12.38 on Monday. The company has a market capitalization of $941.99 million, a price-to-earnings ratio of -8.09 and a beta of 2.55. The firm’s fifty day moving average price is $10.71 and its 200 day moving average price is $8.62. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $14.30.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.12). On average, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 25,797 shares of the stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $252,036.69. Following the completion of the transaction, the chief executive officer owned 804,268 shares in the company, valued at $7,857,698.36. This trade represents a 3.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel Karlin sold 7,704 shares of the firm’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $75,268.08. Following the transaction, the insider owned 430,625 shares of the company’s stock, valued at $4,207,206.25. This trade represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,779 shares of company stock worth $437,491. Company insiders own 2.26% of the company’s stock.

Wall Street Analysts Forecast Growth

MNMD has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Saturday. Oppenheimer initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an “outperform” rating and a $25.00 price objective on the stock. Needham & Company LLC set a $28.00 price objective on shares of Mind Medicine (MindMed) and gave the company a “buy” rating in a research report on Monday, October 13th. Chardan Capital reissued a “buy” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Finally, Lifesci Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $27.83.

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.