Hollencrest Capital Management Raises Stock Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Hollencrest Capital Management increased its stake in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) by 10,833.3% during the 4th quarter, Holdings Channel reports. The fund owned 7,216 shares of the company’s stock after purchasing an additional 7,150 shares during the quarter. Hollencrest Capital Management’s holdings in Mind Medicine (MindMed) were worth $50,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wealthfront Advisers LLC acquired a new position in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $717,000. SLT Holdings LLC acquired a new position in Mind Medicine (MindMed) in the 4th quarter valued at $91,000. Raymond James Financial Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth $111,000. Oppenheimer & Co. Inc. increased its stake in shares of Mind Medicine (MindMed) by 25.1% during the fourth quarter. Oppenheimer & Co. Inc. now owns 65,541 shares of the company’s stock worth $456,000 after acquiring an additional 13,160 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Mind Medicine (MindMed) by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company’s stock worth $1,393,000 after purchasing an additional 10,338 shares in the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $6.45 on Thursday. Mind Medicine has a 52 week low of $5.03 and a 52 week 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 stock has a market cap of $472.99 million, a P/E ratio of -2.85 and a beta of 2.57. The stock has a 50 day moving average of $7.39 and a 200-day moving average of $6.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same quarter last year, the business earned ($0.59) earnings per share. On average, analysts expect that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert Barrow sold 19,106 shares of the firm’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 sale, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the transaction, 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 sold a total of 28,022 shares of company stock worth $208,203 over the last 90 days. 2.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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