Mind Medicine price target raised to $22 from $15 at RBC Capital

RBC Capital raised the firm’s price target on Mind Medicine to $22 from $15 and keeps an Outperform rating on the shares. Following additional data details out of this morning’s investor event, MM120’s benefits “look even more convincing,” says the analyst, who has even greater confidence the drug could play a meaningful role in the future psychiatric treatment paradigm, potentially across multiple disease areas. The firm is increasing its view of the odds of success of MM120 and its estimated out-year sales forecast to about $740M, the analyst noted.