King Wealth Management Group Buys New Stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

King Wealth Management Group purchased a new stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) in the 4th quarter, HoldingsChannel reports. The firm purchased 10,000 shares of the company’s stock, valued at approximately $70,000.

A number of other large investors also recently bought and sold shares of the business. Hollencrest Capital Management lifted its position in shares of Mind Medicine (MindMed) by 10,833.3% during the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock valued at $50,000 after buying an additional 7,150 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Mind Medicine (MindMed) during the third quarter valued at $58,000. Avantax Advisory Services Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at about $78,000. Sanctuary Advisors LLC purchased a new stake in shares of Mind Medicine (MindMed) during the third quarter worth about $91,000. Finally, Foundations Investment Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth about $91,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Price Performance

MNMD stock opened at $6.31 on Friday. The business’s fifty day moving average price is $7.36 and its 200 day moving average price is $6.91. Mind Medicine has a 12-month low of $5.03 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 company has a market capitalization of $462.72 million, a PE ratio of -2.79 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same period in the prior year, the firm posted ($0.59) EPS. On average, sell-side analysts anticipate that Mind Medicine will post -1.35 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at $3,913,128.38. The trade was a 3.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at $2,511,436.59. This represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock worth $208,203 in the last ninety days. 2.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Robert W. Baird decreased their price target on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective for the company. Chardan Capital assumed coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Ten analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $25.11.

About Mind Medicine (MindMed)

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.