Analyst Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Mind Medicine and keeping the price target at $55.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors including MindMed’s strong execution in advancing its psychedelic treatment programs. The company is actively enrolling patients in three Phase 3 trials for MM120, targeting generalized anxiety disorder (GAD) and major depressive disorder (MDD), with significant data readouts expected in 2026. This strategic progress is supported by regulatory measures designed to mitigate common risks in psychedelic trials, potentially paving the way for a New Drug Application submission in 2027.
Furthermore, MindMed’s leadership has been bolstered by the appointment of Brandi Roberts as CFO, enhancing their execution capabilities. The company’s robust cash position and the FDA’s Breakthrough Therapy designation for MM120 in GAD further strengthen its outlook. These elements collectively underpin the Buy rating and the $55 price target, as the upcoming Phase 3 data is anticipated to be pivotal in establishing long-term value for the stock.
In another report released today, Oppenheimer also upgraded the stock to a Buy with a $25.00 price target.