Mind Medicine price target raised by $7 at RBC Capital, here’s why

RBC Capital analyst Brian Abrahams raised the firm’s price target on Mind Medicine to $14 from $7 and keeps an Outperform rating on the shares. Despite the near best-case for MM-120 GAD data, the stock is down, and while the firm acknowledges that there remain important considerations about psychedelic scale-up/administration, RBC believes the results considerably de-risk 120’s clinical prospects, the analyst tells investors in a research note. MM-120 hit on the primary and analyze secondary endpoints, positioning the drug as a unique viable competitor in a space where additional treatments are needed, RBC argues.