Ikarian Capital LLC Sells 100,000 Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Ikarian Capital LLC lessened its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 61.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 62,481 shares of the company’s stock after selling 100,000 shares during the period. Ikarian Capital LLC’s holdings in Mind Medicine (MindMed) were worth $356,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Mind Medicine (MindMed) by 472.7% in the second 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. Marshall Wace LLP raised its stake in Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after buying an additional 161,659 shares in the last quarter. Rhumbline Advisers bought a new position in Mind Medicine (MindMed) in the second quarter worth approximately $679,000. Oppenheimer & Co. Inc. bought a new position in Mind Medicine (MindMed) in the third quarter worth approximately $298,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Mind Medicine (MindMed) by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after buying an additional 46,187 shares in the last quarter. Institutional investors own 27.91% of the company’s stock.

Wall Street Analyst Weigh In

MNMD has been the subject of a number of recent research reports. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Leerink Partners started coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Canaccord Genuity Group cut their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Nine investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $25.38.

Insider Activity

In related news, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock valued at $173,384 over the last ninety days. 2.26% of the stock is currently owned by insiders.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD traded down $0.12 during trading hours on Tuesday, reaching $8.02. 76,440 shares of the company traded hands, compared to its average volume of 1,440,323. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. Mind Medicine has a 12-month low of $2.92 and a 12-month high of $12.22. The business has a fifty day moving average price of $6.63 and a 200-day moving average price of $7.09.

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.