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Needham initiated coverage on Mind Medicine Inc. (NASDAQ:MNMD), or MindMed, on Monday. The late-stage clinical biopharmaceutical company is developing novel product candidates to treat brain health disorders.
The company’s lead drug candidate, MM120 ODT (lysergide D-tartrate or LSD), is a synthetic ergotamine belonging to the group of classic, or serotonergic, psychedelics that acts as a partial agonist at human serotonin-2A (5-HT2A) receptors.
MindMed is developing MM120, the tartrate salt form of lysergide, for generalized anxiety disorder (GAD) and major depressive disorder (MDD). 2026 should be a strong catalyst year for Mind Medicine.
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Enrollment is on track in the Phase 3 Voyage and Panorama studies of MM120 ODT for GAD, with topline data expected in the first and second half of 2026, respectively.
The company is also conducting a Phase 3 Emerge study of M120 ODT for MDD, with topline data from the 12-week double-blinded period (Part A) anticipated in the second half of 2026.
MindMed expects its cash, cash equivalents and investments of $237.9 million as of June 30, to be sufficient to fund the company’s operations into 2027 and at least 12 months beyond its first Phase 3 topline data readout for MM120 ODT in GAD.
Analyst Ami Fadia said that the lead asset MM120 following strong Phase 2 data supporting a profile with likely the most durable effect vs competition. The analyst adds that MM120's 6-8 hour treatment and potential for fewer re-treatments could drive significant efficiencies in the current paradigm while maintaining attractive economics for stakeholders.
The management is targeting two large indications, with a total addressable market of over $12 billion, which could drive over $2.5 billion in sales for MM120 by 2035.
Needham initiated with a Buy rating and a price forecast of $28.
The analyst said MM120 is the most advanced psychedelic in development for GAD and showed significant improvement in efficacy and durability over SOC; potential for over $1.5 billion in sales in the U.S. by 2035.
Price Action: MNMD stock is up 4.87% at $12.39 at the last check on Monday.
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Image: Courtesy of Mind Medicine Inc.
Posted In: MNMD
