Ally Bridge Group NY LLC Trims Stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Ally Bridge Group NY LLC cut its position in shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 18.3% in the third quarter, Holdings Channel.com reports. The firm owned 788,508 shares of the company’s stock after selling 176,918 shares during the quarter. Mind Medicine (MindMed) comprises approximately 2.4% of Ally Bridge Group NY LLC’s investment portfolio, making the stock its 23rd biggest position. Ally Bridge Group NY LLC’s holdings in Mind Medicine (MindMed) were worth $4,487,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $58,000. Bridgewealth Advisory Group LLC purchased a new position in Mind Medicine (MindMed) during the 2nd quarter valued at $72,000. Wealth Alliance bought a new position in Mind Medicine (MindMed) in the 2nd quarter valued at $79,000. SG Americas Securities LLC purchased a new stake in Mind Medicine (MindMed) in the third quarter worth $93,000. Finally, Stoneridge Investment Partners LLC bought a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $93,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Stock Up 1.8 %

Shares of NASDAQ MNMD opened at $8.26 on Thursday. Mind Medicine has a 12-month low of $2.91 and a 12-month high of $12.22. The stock’s fifty day simple moving average is $6.50 and its two-hundred day simple moving average is $7.09. The stock has a market capitalization of $605.71 million, a PE ratio of -3.64 and a beta of 2.48. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MNMD. 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. HC Wainwright restated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Finally, Leerink Partners started coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target for the company. Nine equities research 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, the company has a consensus rating of “Buy” and an average target price of $25.38.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value 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 $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, September 25th. The stock was 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. This represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,994 shares of company stock worth $173,384 in the last three months. 2.26% of the stock is 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.