This article looks at what neurological diseases Mind Medicine Inc. (MNMD) is focused on, its clinical trial progress to date, its latest quarterly financials, the history of its stock price performance, and the price forecasts for the stock over the next 12 months.
An original article by Lorimer Wilson, Managing Editor of munKNEE.com, Your KEY To Making Money!
About Mind Medicine (MindMed) Inc.
Mind Medicine (MindMed) Inc., a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology.
Research and Development Pipeline – and Progress To Date
- MM-120, which is in phase 2 for the treatment of generalized anxiety disorder (GAD) and attention deficit hyperactivity disorder (ADHD), as well as for the treatment of chronic pain;
- Company positioned for key MM-120 (pharmaceutically optimized form of lysergic acid diethylamide LSD D-tartrate) Phase 2b data readout in GAD and Phase 2a data readout in ADHD in late 2023
- MM-110, an a 3ß4 nicotinic cholinergic receptor antagonist that has completed phase 1 for the treatment of opioid withdrawal;
- MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine (MNMA) for the treatment of core symptoms of autism spectrum disorder (ASD);
- Results of MM-402’s effects in a preclinical model of ASD are expected to be presented in the first half of 2023. The Company plans to initiate its first clinical trial (Phase 1) of MM-402 in 2023 to characterize the tolerability, pharmacokinetics and pharmacodynamics of MM-402, and to provide early signals of efficacy to support the Company’s approach in targeting core symptoms of ASD.
Q3 Financials Highlights
The Company is still in the product research and development of novel compounds and, as such, has no products and has no revenue, and requires a great deal of money to fund its R&D expenses. For a detailed look at all the financial metrics related to MNMD in the last quarter, ended September 30th, 2022, and for every year going back to 2018 go here.
Stock Price History
- MindMed first listed on the NEO Exchange (MMED) in Canada back on March 3rd, 2020 at C$13.00, peaked at C$77.01 on January 25th, 2021 before beginning its descent to C$16.87 at the end of 2021 and then to C$2.97 at the end of 2022. It currently trades on the NEO at C$4.64. Go here to convert C$ to another currency.
- MindMed subsequently up-listed to the Nasdaq on April 27th, 2021 at $17.00 and went up to $70.35 by the end of the month only to go into a steady decline to $20.70 by the end of 2021 and then down by 89.5% to $2.18 by the end of 2022 which was considerably more than the 62% decline experienced by the other 5 major clinical-stage psychedelic stocks in the munKNEE Psychedelic Drug Stocks Index (see details here). YTD (March 29th) the stock is up 35%.
Based on 3 Wall Street analysts offering 12 month price targets for Mind Medicine in the last 3 months the average price target is $22.63 with a high forecast of $75.00 and a low forecast of $5.00. The average price target represents a 667% change from its latest price.
Risks and Offsets
The company reports that its cash position at the end of Q3, 2022, of US$154.5M is sufficient to fund current operating plans into first half of 2025. That being said, however,
- were MindMed to experience further setbacks in its various research studies,
- that might cause investors to lose confidence in the eventual success of the company and such negative sentiment could negatively impact its stock price;
- were another company to develop a treatment for one of the 5 disorders before MindMed,
- that would most likely negatively impact the stock price, as well and, even more so, if such a competitor were to take the treatment for one of those diseases to market; and
- were one or more of senior management to depart,
- that might cause the company to lose focus which would slow down the progress of its research and development.