Needham analyst Ami Fadia initiated coverage of Mind Medicine (MNMD) with a Buy rating and $28 price target The company’s lead asset MM120 is in three Phase 3 trials following “strong” Phase 2 data, the analyst tells investors in a research note. The firm says M120’s 6-8 hour treatment, along with potential for fewer re-treatments, could drive significant efficiencies in the current paradigm while maintaining attractive economics. A total addressable market of over $12B could drive over $2.5B in sales for MM120 by 2035, contends Needham.
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