Analyst Francois Brisebois of LifeSci Capital reiterated a Buy rating on Mind Medicine, retaining the price target of $32.00.
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Francois Brisebois has given his Buy rating due to a combination of factors including the promising progress in Mind Medicine’s clinical trials and the company’s strategic advancements. The Phase 3 trials for Generalized Anxiety Disorder (GAD) are on track, with results expected in the first and second halves of 2026, respectively. The robust results from the Phase 2b trials, showing significant improvement over placebo, suggest a de-risked path forward for these studies.
Additionally, the Phase 3 trials for Major Depressive Disorder (MDD) are progressing faster than anticipated, with an accelerated timeline for topline results. The company also plans to initiate another Phase 3 trial for MDD, further strengthening its pipeline. Despite some financial setbacks, such as a bottom-line miss due to warrant valuation changes, the overall operational expenses remain aligned with expectations. These factors, combined with a strong balance sheet, underpin the positive outlook and Buy rating.
In another report released today, Canaccord Genuity also reiterated a Buy rating on the stock with a $25.00 price target.