MindMeds Systematic Biotech Approach With New FDA Therapy Designation, 12-Week Clinical Data, Plus Expected $175M Proceeds
Portfolio Pulse from Lara Goldstein
MindMed (NASDAQ:MNMD) announced an underwritten offering and private placement expected to raise $175M, following positive 12-week clinical data on its LSD therapy for generalized anxiety. The offering involves 16,666,667 common shares at $6.00 each, with participation from new investors including Deep Track Capital and Commodore Capital. Oppenheimer Equity Research has given the stock an outperform rating, with a 12-18 month price target of $29.00, highlighting the company's systematic approach and promising data in the psychedelic field.
March 08, 2024 | 6:01 pm
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MindMed's underwritten offering and private placement aim to raise $175M, buoyed by positive LSD therapy data for generalized anxiety. Oppenheimer's outperform rating and $29 price target underscore the company's strong position in the psychedelics market.
The positive clinical data and the subsequent financial moves by MindMed, including the underwritten offering and private placement expected to raise $175M, signal strong investor confidence and a robust outlook for the company. The outperform rating and ambitious price target from Oppenheimer further validate the company's potential in the psychedelics market, likely leading to a positive short-term impact on MNMD's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100