Maxim Group analyst Michael Okunewitch has maintained their bullish stance on MNMD stock, giving a Buy rating today.
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Michael Okunewitch has given his Buy rating due to a combination of factors that highlight Mind Medicine’s promising financial and clinical outlook. The company has recently secured $259 million in financing, which, combined with its existing cash reserves, is expected to fund operations through 2028. This financial stability supports the advancement of their pivotal programs, particularly the Phase 3 trials for MM-120 aimed at treating generalized anxiety disorder (GAD) and major depressive disorder (MDD).
Mind Medicine is on the brink of significant clinical milestones, with the Phase 3 Voyage study for MM-120 in GAD expected to yield results in the first half of 2026, followed by the Panorama study in the second half of the year. Additionally, their MDD program is advancing with accelerated data timelines. The company is also progressing with MM402, targeting autism spectrum disorder, which could expand their therapeutic offerings. These developments, coupled with a strong financial position, underpin the Buy rating as Mind Medicine approaches key data readouts and potential regulatory filings.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $55.00 price target.