Streetbeat News

MNMD

Mind Medicine (MindMed) Inc.

https://www.mindmed.co

Industry

Biotechnology

Mind Medicine (MindMed) Inc., a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder, as well as for the treatment of chronic pain; and MM-110, an a3ß4 nicotinic cholinergic receptor antagonist that has completed phase 1 for the treatment of opioid withdrawal. It also develops MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine for the treatment of core symptoms of autism spectrum disorder. The company is headquartered in Vancouver, Canada.

Open

7.69

Mkt cap

625M

Volume

4.6M

High

9.15

P/E Ratio

-4.16

52-wk high

12.22

Low

7.65

Div yield

N/A

52-wk low

2.41

MindMed (NASDAQ:MNMD) reported Q2 2023 financial results, with cash and cash equivalents totaling $116.9 million, a 17.8% decrease from Dec. 2022. Net cash used in operating activities totaled $27.2 million, and R&D expenses increased by 59.1% and 39.8% for three and six months respectively. The company is about to complete enrollment for Phase 2b study of LSD compound MM-120 for Generalized Anxiety Disorder (GAD), with topline data expected in Q4 2023. Another Phase 2a study is evaluating MM-120 on AD/HD participants, with topline data expected between Q4 2023 and Q1 2024. MindMed also licensed Catalent’s Zydis ODT technology to use with MM-120.

Portfolio Pulse from Lara Goldstein

August 07, 2023 | 7:01 pm

Analysts have provided a mix of bullish and somewhat bullish ratings for Mind Medicine (NASDAQ:MNMD) in the last quarter, with no bearish or indifferent ratings. The average 12-month price target for the stock is $26.33, a decrease of 34.18% from the previous average of $40.00.

Portfolio Pulse from Benzinga Insights

August 04, 2023 | 4:01 pm

RBC Capital analyst Brian Abrahams has maintained an 'Outperform' rating on Mind Medicine (NASDAQ:MNMD) and raised the price target from $5 to $7.

Portfolio Pulse from richadhand@benzinga.com

August 04, 2023 | 3:51 pm

EF Hutton analyst Elemer Piros has reiterated a 'Buy' rating on Mind Medicine (NASDAQ:MNMD) and maintained a price target of $21.

Portfolio Pulse from richadhand@benzinga.com

August 04, 2023 | 3:17 pm

Mind Medicine (NASDAQ:MNMD) reported Q2 losses of $(0.76) per share, missing the analyst consensus estimate of $(0.54) by 40.74 percent. This represents a 26.67 percent decrease over losses of $(0.60) per share from the same period last year.

Portfolio Pulse from totan@benzinga.com

August 04, 2023 | 2:26 pm

Portugal has decriminalized synthetic drugs, potentially impacting the global market for such substances. Clinical trials show promising results for psilocybin therapy in treating anorexia, with COMPASS Pathways' synthetic psilocybin COMP360 treatment showing potential. MindBio Therapeutics Corp. is recruiting participants for a clinical trial using LSD microdosing for cancer patients with emotional distress. California's TREAT initiative proposes a $5 billion state agency to fund and promote psychedelics research. The AdvisorShares Psychedelics ETF (PSIL) showed a slight uptake in the past week.

Portfolio Pulse from Lara Goldstein

August 04, 2023 | 1:20 pm

Mind Medicine (MindMed) Inc has entered into a license agreement with Catalent to access its proprietary Zydis orally disintegrating tablet (ODT) technology. The agreement grants MindMed exclusive rights to use the Zydis technology for the development of its lead product candidate MM-120 in the US, UK, and EU among other territories. MindMed is currently conducting a Phase 2b trial evaluating MM-120 for the treatment of generalized anxiety disorder with topline data expected in Q4 2023.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 1:02 pm

UK-based Small Pharma (OTCQB:DMTTF) reported a 30% quarterly cash outflow, with cash on hand as of May 31, 2023, at approximately $9.9 million. The company expects its operational restructuring to reduce cash burn in upcoming quarters. Small Pharma's DMT assets SPL026 and SPL028 are undergoing clinical trials, with combined data potentially enabling an expedited path for a multi-site Phase 2 study for SPL028 in 2024. The company's IP portfolio has grown significantly, with 26 patents granted and 95 applications pending.

Portfolio Pulse from Lara Goldstein

July 28, 2023 | 8:28 pm

The article lists the stocks that gained and lost the most in Tuesday's mid-day session. Some of the gainers include Pieris Pharmaceuticals, The Singing Machine Company, Biophytis, iCAD, Aridis Pharmaceuticals, and The Charles Schwab Corporation. The losers include 9 Meters Biopharma, Fangdd Network Group, Lixte Biotechnology Holdings, Masimo Corporation, and Aptevo Therapeutics.

Portfolio Pulse from Lisa Levin

July 18, 2023 | 5:00 pm

California officials have approved a campaign to gather signatures for a 2024 ballot initiative to legalize the possession, sale, and regulated therapeutic use of psilocybin. The proposal would require the state to establish a regulatory framework for health professionals to administer the psychedelic for therapeutic purposes. The legalization component of the policy would likely result in a net reduction in costs to the state, while creating regulations and certifying health professionals for psilocybin therapy would create costs, potentially offset by revenue from licensing fees.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 3:13 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.