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Mind Medicine shareholders: Who owns the most MNMD stock?

By Rob Griffin

Edited by Jekaterina Drozdovica

13:19, 8 September 2022

A doctor is holding a brain model.
Who owns the most MNMD stock? – Photo: Shutterstock; Natali_Mis

Mind Medicine (MNMD), a Canadian psychedelic medicine developer, has just completed a 1-for-15 stock reversal. Is now a good time to invest in the company?

The company, which is also known as MindMed, hopes the move will give it greater flexibility in planning for future potential business needs.

But what does this mean for MNMD stock owners, and who are the institutions and individuals holding the most stock? Here we take a look at the biggest Mind Medicine shareholders.

What is Mind Medicine?

Founded in 2019, MindMed is a clinical-stage biopharmaceutical company that develops novel products to treat brain health disorders. It has a particular focus on psychiatry, addiction, pain and neurology.

In a recent investor presentation, it declared: “Our mission is to deliver on the therapeutic potential of psychedelics and other novel targets to treat brain health disorders.”

The company was originally listed on the Canadian NEO Exchange under the symbol MMED in March 2020. Just over a year later MindMed started trading on the Nasdaq stock exchange under ticker ‘MNMD’. It’s also traded in Germany under the symbol ‘MMQ’. 

When MindMed started trading on the Nasdaq, JR Rahn, its chief executive and co-founder, said the listing represented “a significant milestone” in its growth as a publicly traded business.

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How has MindMed stock performed? 

It has been a tough year for MindMed, which was worsened by the widespread antipathy towards growth stocks. MindMed investors have seen its share price slide 60% from $22.80 at the beginning of this year to $9.07 as the market closed on 6 September 2022.

Its performance since listing on the Nasdaq at the end of April 2021 has seen shares fall 85%, from $60.7 to $9.07 as the market closed on 6 September, 2022. 

In August, the pharma company stock enjoyed a 70% rally after the Financial Times reported that college student Jake Freeman, who had made $110m in a Bed Bath and Beyond (BBBY) short squeeze, had bought a stake in Mind Medicine.

Mind Medicine stock price, 2020 – 2022

On 29 August, the company announced a 1-for-15 reverse stock split, which will consolidate its shares into fewer amounts of more expensive shares. 

For example, an investor holding 15 shares in MindMed would receive one share that would trade at a higher price, without affecting the total value of the company. Reverse stock splits are usually performed when the share price falls too low, putting the stock at risk of delisting. 

Most recently, Mind Medicine stock posted an over 20% daily loss on 6 September, highlighting investor pessimism following the reverse stock split announcement.  

Who owns the most MindMed shares? 

Here we reveal who are the biggest Mind Medicine shareholders among individuals and organisations. 

Biggest insider Mind Medicine shareholders

A major part of MindMed stock – 68.04% – was owned by company insiders, Wall Street Zen data showed, as of 7 September. Among them were chief-level executives and former directors. 

  • Dr Scott Freeman & Jake Freeman

Dr Scott Freeman, MindMedicine’s co-founder and former chief medical officer, held approximately 5.6% of the stock via FCM MM Holdings, which represents 1.59 million shares, making FCM one of the biggest MindMed's investors, as of August 2022. 

In a letter to Carol Vallone, chair of MindMed’s board of directors, FCM called for a new strategic plan. The letter was also signed by fellow shareholders Chad Boulanger and Dr Freeman’s nephew, Jake Freeman, the student who made $115m in the BBBY squeeze. 


239.25 Price
-4.530% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.14


256.98 Price
+8.980% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.51


151.35 Price
-3.270% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.11


118.03 Price
-3.230% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 0.11
  • Dan Karlin

Dan Karlin, the company’s chief medical officer, had 267,683 shares at the end of August 2022, according to the latest SEC filing

Karlin joined MindMed as chief medical officer in February 2021 following the company’s acquisition of HealthMode, the business he co-founded and led as chief executive. Previously, he built and led clinical, informatics and regulatory strategy for Pfizer’s Digital Medicine and Innovation Research Lab. 

According to the SEC, Karlin recently disposed of 1,204 MindMed shares at $11.67.

  • Robert Barrow

Chief executive Robert Barrow was another insider on the biggest shareholders list. Barrow had 256,134 shares, as of 31 August, according to the SEC filings

Barrow is a clinical pharmacologist with more than a decade of experience in leading drug development programs. He joined MindMed as chief development officer in January 2021 and was named chief executive five months later in June 2021.

According to the SEC filings, Barrow recently disposed of 1,228 MindMed shares at $11.67.

  • Stephen L Hurst

According to WallStreetZen data, as of 7 September, Stephen L Hurst remained one of the most prominent shareholders, despite having resigned from the board in January 2022.

In a statement, Hurst declared MindMed to be the culmination of his career after more than a decade of work to bring the benefits of psychedelic-inspired medicines to patients.

“With the recent appointment of two seasoned directors and a brilliant chief executive officer, I have the greatest confidence in the team’s ability to guide the Company through this next phase of continued progress toward the realisation of our highest aspirations,” he wrote.

Institutional shareholders of MDM 

The remaining 31.96% of the  MindMed stock was held by institutional shareholders, according to Wall Street Zen data, as of 7 September, which included asset managers, hedge funds and venture capital firms. The biggest holders on the list were Millennium Management, Citadel Advisors and Data Collective. 

  • Millennium Management LLC

Who has the most MindMed stock? According to Nasdaq data, as of 7 September, Millennium Management was the largest institutional player with 338,358 shares held. Millennium is a global alternative investment management firm that was founded back in 1989. It claims to manage more than $56bn in assets.

  • Citadel Advisors LLC

Citadel is a US-based multinational hedge fund and financial services company. Founded in 1990, it has around $50bn of assets under management (AUM). At the time of writing (7 SEptember) the firm had 116,128 MindMed shares, Nasdaq data showed.

  • Data Collective IV GP LLC

The third largest institutional investor on Nasdaq’s list was US-based Data Collective IV GP LLC, with 100,355 shares on record. Hailing from Palo Alto, California, the company involved in deep tech venture capital has more than $3bn under management.

Final thoughts

Information on stock ownership can be useful for investors. Ownership can affect how a company is run and may reveal the insider view on the share price. For example, when company executives are getting rid of big chunks of the stock, it’s typically considered a bearish signal. 

Knowing who has the most MindMed stock can help in understanding the company’s long-term goals and how it’s perceived by investors, as large Mind Medicine shareholders can enjoy substantial influence when it comes to decisions being made by management teams.

This is because they will often use their scale to demand a seat on the board, according to Ryan Lightfoot-Aminoff, senior research analyst at Chelsea Financial Service:

“It's especially a consideration for small caps, as it may indicate that a lot of one company is owned by one fund group/manager and this may lead to liquidity concerns,” he said.

However, ownership shouldn’t be the sole reason for trading a stock. Your trading decisions should depend on your goals, risk tolerance, and portfolio size. Remember, it’s important to carry out your own research before trading. And never trade money that you can’t afford to lose. 


How many shares does Mind Medicine have?

The company had 28.47 million MNMD shares outstanding, according to data compiled by Yahoo Finance, as of 7 September.

How high will Mind Medicine stock go?

No-one knows for sure. The company is a very early stage biotech business. The algorithmic forecasts from Wallet Investor, as of 7 September, suggested that MNMD stock could hit $11.17 over the coming year, although the five-year forecast had it down to $9.13. Remember, predictions can be wrong. And past performance does not guarantee future returns.

Who is the biggest shareholder of Mind Medicine?

Dr Scott Freeman, Mind Medicine’s co-founder and former chief medical officer, had approximately 5.6% of MNMD stock via FCM MM Holdings, which represents 1.59 million shares, making FCM one of the biggest MindMed's investors, according to the FCM’s letter sent on 11 August.

Markets in this article

Mind Medicine (MindMed)
7.95 USD
-0.3 -3.660%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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