Definium Therapeutics initiated with a Buy at Stifel

Stifel analyst Paul Matteis initiated coverage of Definium Therapeutics (DFTX) with a Buy rating and $30 price target The firm is citing its view for DTX120 having a high probability-of-success in Generalized Anxiety Disorder/GAD, with phase 3 data coming early-Q3, also noting that GAD is the biggest white space opportunity in neuropsych, and modest penetration here implies a multi-billion dollar opportunity, the analyst tells investors in a research note. While Definium has the largest market cap among psychedelic companies, the space is broadly undervalued, and the firm sees multiple likely winners, Stifel added.