Mind Medicine assumed with a Buy at Canaccord

Canaccord analyst Sumant Kulkarni assumed coverage of Mind Medicine with a Buy rating and $9 price target. The biopharma company is developing therapeutics to treat brain health-focused indications and lead candidate, MM-120, a salt of the psychedelic LSD, is in a Phase 2b trial for generalized anxiety disorder, or GAD, where “current treatment outcomes are less than ideal,” the analyst tells investors. These data “are due any day now” and are key to the stock and the firm views the potential for “absolute upside as significantly greater than downside,” so it would be buyers into the data.