Wellington Management Group LLP Grows Stock Holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Wellington Management Group LLP grew its stake in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 142.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 185,722 shares of the company’s stock after buying an additional 109,152 shares during the period. Wellington Management Group LLP’s holdings in Mind Medicine (MindMed) were worth $1,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in MNMD. Tri Locum Partners LP lifted its holdings in Mind Medicine (MindMed) by 0.6% during the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after purchasing an additional 2,459 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Mind Medicine (MindMed) by 22.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after acquiring an additional 4,079 shares during the period. Cubist Systematic Strategies LLC lifted its stake in Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after purchasing an additional 6,890 shares in the last quarter. State Street Corp boosted its holdings in Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares during the period. Finally, Bridgewealth Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) during the 2nd quarter valued at $72,000. 27.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Canaccord Genuity Group reduced their target price 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 started coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 target price for the company. Oppenheimer reissued an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Eight research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $27.71.

Insider Activity

In other news, CEO Robert Barrow sold 19,771 shares of the stock in a transaction dated Wednesday, September 25th. The shares were 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 in the company, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,871 shares of the business’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 transaction, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,994 shares of company stock valued at $173,384. 2.26% of the stock is currently owned by company insiders.

Mind Medicine (MindMed) Trading Down 2.9 %

Shares of MNMD stock opened at $7.01 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The business has a 50-day moving average of $7.11 and a 200 day moving average of $7.00. The stock has a market capitalization of $514.06 million, a PE ratio of -3.10 and a beta of 2.58. Mind Medicine has a 1-year low of $3.35 and a 1-year high of $12.22.

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.