H.C. Wainwright analyst Patrick Trucchio said recent talks with Mind Medicine CEO Rob Barrow and with additional members of MindMed’s team and several key opinion leaders during an investor day event leave the firm with increased confidence in MindMed’s strategy to develop lead compound MM-120, a pharmaceutically optimized form of lysergic acid diethylamide, or LSD, for patients with generalized anxiety disorder, or GAD. The firm, which believes the data generated to-date across investigator-initiated studies “points to a high probability of success” in a Phase 2b trial that is expected to report top-line data later in 2023, reiterates its Buy rating and $75 price target on MindMed shares ahead of the release.
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