What’s Driving JonesTrading’s Bullish View on Mind Medicine (MindMed) Inc. (MNMD)
Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is among the Best Get Rich Fast Stocks to Buy Right Now. According to TheFly, JonesTrading initiated coverage on Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) with a ‘Buy’ rating and set a price target of $61 on December 23, signaling an upside potential of 354.21% from the current price.
While anticipating “strong” clinical data from initial stages leading to positive Phase 3 results for lead asset MM120 in generalized anxiety disorder (GAD) and major depressive disorder (MDD), the firm believes Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is well-positioned to benefit from ongoing trends that prioritize the development of psychedelic agents in psychiatry.
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Although there are clinical and regulatory risks associated with its lead candidate due to the relation to LSD, the robust Phase III data will potentially result in regulatory approval, the firm concluded.
A day earlier, Patrick Trucchio, an analyst at H.C. Wainwright, reaffirmed a ‘Buy’ rating on Mind Medicine (MindMed) Inc. (NASDAQ:MNMD), with an unchanged price target of $55. This translates to an upside potential of about 310%.
Overall, Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is a consensus buy among all thirteen analysts covering the stock, as of December 24. With a median price target of $24.50, the stock exhibits an upside potential of 82.43%.
Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is a New York-based clinical-stage biopharmaceutical company specializing in novel treatments for brain health disorders. The company is dedicated to transforming how unmet needs like Anxiety Disorders and Depression are satisfied.
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