UPDATE: H.C. Wainwright Starts MindMed (MNMD) at Buy
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H.C. Wainwright analyst Patrick Trucchio initiates coverage on MindMed (NASDAQ: MNMD) with a Buy rating and a price target of $10.00.
The analyst commented, "Mind Medicine (MindMed), founded in 2019, is a clinical stage neuro-pharmaceutical drug development company focused on hallucinogenic and non-hallucinogenic approaches to treating disease in psychiatry and pain. We are most intrigued by 18-MC, an ibogaine derivative, which has anti-addictive properties and potential to alleviate America's addiction crisis, which kills more than 250 people each day. We also believe LSD-enhanced therapy for anxiety disorders has multi-blockbuster potential. Perhaps as important as the lead programs, a plethora of studies are underway in a collaboration with the UHB Liechti Lab in Switzerland with multiple outcomes in early-stage studies possible over the next year that could expand the pipeline with shorter duration psychedelics, combination treatments, and more. We believe investor excitement around the MindMed platform could increase with each update, peaking with the Phase 2a outcome on 18-MC expected in early 2023 that should help MindMed maintain its leadership position in the psychedelics space, in our view. For this reason, we initiate coverage with a Buy and $10 price target."
Shares of MindMed closed at $2.92 yesterday.
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