Leerink analyst Marc Goodman raised the price target on Definium Therapeutics Inc (NASDAQ: DFTX) to $52.00 (from $30.00) while maintaining a Outperform rating.

The analyst commented, "The MDD data was about as good as we could have hoped for and should be well received by both the physician and investment communities. Investors were looking for >5 point delta from placebo on the MADRS primary endpoint, so >8 at 6 weeks and >7 at 12 weeks clearly beat that hurdle. And in fact, this product has consistently had the best data in the psychedelics space, which should only be a positive post-commercialization and continue to drive a valuation premium relative to the other players in the category. So overall it’s a very good day for DFTX. Based on the strong results, we are increasing our POS for MDD as well as steepening the ramp to peak sales in the $1.5-2.0B range for just MDD, which increases our PT from $30 to $52, and we remain Outperform."