Mind Medicine a new outperform at Baird on LSD-based asset for anxiety

yurok Baird has started Mind Medicine ( NASDAQ: MNMD ) at outperform as it likes what it sees with MM120, a form of the hallucinogen LSD for anxiety. The firm has a $27 price target (~223% upside based on Tuesday's close). Analyst Joel Beatty noted that MM120 has benefitted from phase 2b data that showed efficacy at both four and 12 weeks.

He added that results were seen within 24 hours of administration. U.S.

FDA Breakthrough Therapy Designation was also granted in March to the candidate, which Beatty believes is a "strong sign" the agency could approve it. He projects peak sales of $1.6B based on the assumption 1% of those with generalized anxiety disorder are prescribed MM120.

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(MNMD) Q1 2024 Earnings Call Transcript.