MindMed (MNMD) Stock Rises 154% in 3 Months: Here's Why

Shares of Mind Medicine (MindMed) Inc. MNMD have skyrocketed 154% in the past three months against the industry’s decline of 4.2%.

The company is progressing well with the development of its lead pipeline candidate MM120 (lysergide D-tartrate) for the treatment of generalized anxiety disorder (GAD).

FDA granted a breakthrough therapy designation to MM120 for treating GAD last month.

Also, last month, MNMD announced that the phase IIb MMED008 study, which evaluated a single oral dose of MM120 (100 µg) in GAD. The study met its key secondary endpoint by demonstrating clinically and statistically significant durability of activity seen through week 12 of treatment.

The data showed that MM120 maintained a clinically and statistically significant Hamilton Anxiety rating scale (HAM-A) reduction as compared with placebo at 12 weeks of treatment.

These were the factors driving the stock’s rise in the said time frame.

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Previously, MM120 had demonstrated rapid, clinically meaningful and statistically significant improvement on HAM-A versus placebo at week four of treatment, thereby meeting the primary endpoint of the MMED008 study.

MindMed plans to initiate a phase III study on MM120 in GAD during the second half of 2024.

Notably, MM120 is also being studied in other serious brain health disorders.

If successfully developed and upon potential approval, MM120 should be able to serve an area of high unmet medical need and generate significant revenues for the company.

MindMed is evaluating another candidate, MM-402, in an early-stage study for treating autism spectrum disorder in adult healthy volunteers.

2023 was a highly productive year for MindMed. Several additional milestones are expected in 2024 which could be important catalysts for the stock.

Mind Medicine (MindMed) Inc. Price

Mind Medicine (MindMed) Inc. Price

Mind Medicine (MindMed) Inc. price | Mind Medicine (MindMed) Inc. Quote

Zacks Rank & Stocks to Consider

MindMed currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the healthcare sector are ADMA Biologics, Inc. ADMA, Ligand Pharmaceuticals Incorporated LGND and ANI Pharmaceuticals, Inc. ANIP, each flaunting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for ADMA Biologics’ 2024 earnings per share have improved from 22 cents to 30 cents. Year to date, shares of ADMA have rallied 41.4%.

ADMA’s earnings beat estimates in three of the trailing four quarters and met the same once, the average surprise being 85.00%.

In the past 60 days, estimates for Ligand’s 2024 earnings per share have improved from $4.42 to $4.56. Year to date, shares of LGND have gained 9.2%.

Earnings of LGND beat estimates in each of the trailing four quarters, the average surprise being 84.81%.

In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 earnings per share have improved from $4.06 to $4.43. Year to date, shares of ANIP have jumped 22.7%.

Earnings of ANIP beat estimates in each of the trailing four quarters, the average surprise being 109.06%.

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Ligand Pharmaceuticals Incorporated (LGND) : Free Stock Analysis Report

ANI Pharmaceuticals, Inc. (ANIP) : Free Stock Analysis Report

ADMA Biologics Inc (ADMA) : Free Stock Analysis Report

Mind Medicine (MindMed) Inc. (MNMD) : Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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