|Over a week ago|
Mind Medicine price target lowered to $18 from $22 at Canaccord » 07:5111/2111/21/22
Canaccord analyst Tania…
Canaccord analyst Tania Armstrong-Whitworth lowered the firm's price target on Mind Medicine to $18 from $22 and keeps a Speculative Buy rating on the shares. The analyst said given ongoing capital constraints among biotechnology peers and considering their recent cost-cutting efforts, she has reduced her target.
Largest borrow rate increases among liquid names » 08:4511/1811/18/22
PHUN, NKLA, MNMD, QS, KOLD, AVDL, PTLO, QSR, SKLZ, EWH
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Phunware (PHUN) 17.26% +1.39, Nikola (NKLA) 45.43% +0.82, MindMed (MNMD) 4.64% +0.82, Quantumscape (QS) 6.65% +0.73, ProShares UltraShort DJ-UBS Natural Gas (KOLD) 6.97% +0.40, Avadel Pharmaceuticals (AVDL) 5.78% +0.23, Portillo's (PTLO) 1.90% +0.21, Restaurant Brands (QSR) 0.44% +0.19, Skillz (SKLZ) 1.22% +0.18, and iShares Hong Kong (EWH) 5.21% +0.14.
Mind Medicine initiated with an Outperform at RBC Capital » 06:4011/1611/16/22
RBC Capital analyst Brian…
RBC Capital analyst Brian Abrahams initiated coverage of Mind Medicine with an Outperform rating and $5 price target. The analyst states that psychedelics, including LSD - which Mind Medicine lead drug MM-120 is a formulation of - have "shown increasing potential of late in treating mental health disorders". Abrahams adds that the company is taking a prudent and thoughtful approach to clinical development and scale-up that should maximize the potential they can capitalize on early promise shown for LSD in the high unmet need generalized anxiety disorder indication.
Mind Medicine price target lowered to $8 from $22.50 at Maxim » 08:3211/1411/14/22
Maxim analyst Jason…
Maxim analyst Jason McCarthy lowered the firm's price target on Mind Medicine to $8 from $22.50 but keeps a Buy rating on the shares. The analyst is citing the company's equity financing and dilution in reducing his price target, though he also notes that it has significantly strengthened balance sheet to reach clinical milestones on its refocused pipeline. McCarthy further notes that Mind Medicine's lead program, MM-120 in generalized anxiety disorder, is expected to report data in late 2023, and its second MM-120 program, low dose for ADHD, is also expected to report topline data in the second half of next year.
Mind Medicine reports Q3 EPS (56c), consensus (60c) » 08:0711/1011/10/22
Cash and cash equivalents…
Cash and cash equivalents of $154.5M are expected to fund current operating plan into first half of 2025. "We are pleased with the progress made in the third quarter as we continue executing on our core development programs, MM-120 and MM-402, and accelerating preparations for Phase 3 studies - all with the goal of bringing our treatments to market as efficiently as possible for the benefit of both patients and shareholders. During the quarter, we initiated enrollment in the largest well-controlled clinical trial of LSD, a 200-patient Phase 2b trial in patients diagnosed with Generalized Anxiety Disorder. We expect a readout of that data in the late half of 2023. Additionally, we continue our efforts to bring MM-402 into human clinical studies," said CEO Robert Barrow. "Throughout Q3, we have taken meaningful steps to reduce our cash expenditures and we further bolstered our balance sheet by raising approximately $60 million. We believe our strong financial position provides the Company with necessary funding to prepare for later stage clinical development of MM-120 while continuing our pursuit to retain, protect, and build the company's intellectual property portfolio."
Mind Medicine investor demands investigation into misconduct allegations » 08:3811/0311/03/22
FCM MM HOLDINGS notifies…
FCM MM HOLDINGS notifies shareholders that it has formally filed a complaint with the Securities and Exchange Commission and will file a referral to the Department of Justice regarding allegations against Mind Medicine. The Complaint focuses on the following allegations: self-dealing, lack of material disclosure, false statements/public statement fraud, and if the allegations are true, criminal activities, by CEO Robert Barrow, under Sarbanes-Oxley. The Complaint presents and analyses the allegations in the lawsuit Freeman v. Burbank et al. that MindMed's intellectual property was mishandled due to a one-sided deal negotiated by Mr. Stephen Hurst, then MindMed's CEO, and Mr. Carey Turnbull, CEO of Ceruvia Lifesciences. Mr. Hurst founded Ceruvia's predecessor, purportedly in secret. If the Deal occurred, Ceruvia has undisclosed freedom to operate on MindMed's IP surrounding LSD and its derivatives, and MindMed is not able to research or compete on BOL-148. The Complaint also lists Ceruvia executives who concurrently worked for MindMed during Messrs. Hurst and Barrow's tenure and the implications for MindMed's IP and trade secrets. Additionally, the Complaint scrutinizes whether MindMed adequately disclosed to investors the significant risk of MM-110's failure in gaining full Food and Drug Administration product approval. After MindMed terminated the MM-110 program in August of 2022, FCM conducted a rigorous review of publicly available data of MM-110, a core drug of MindMed, from primarily both MM-110's patent application and protocol of the Phase I trial, which were available prior to the initiation the Study. The Complaint addresses FCM's conclusion that it is highly unlikely the FDA would have allowed the Study to be performed in the US as written - i.e. patients would be treated at a dose thirty-five times higher than the comparable dose which caused death in mice. Ultimately, MindMed instead performed the Study in Australia, and in May 2022, reported that the Study's topline results were favorable regarding safety and tolerability and builds on "encouraging" results from pre-clinical studies. The Results were then presented to the FDA, and MindMed later disclosed that the FDA now requires MindMed to complete a myriad of pre-clinical safety studies prior to instituting additional clinical trials in the US. Mr. Barrow stated that the Pre-Clinical Studies could take years, and MindMed subsequently shuttered the program. The Complaint also examines the departures of several high-profile executives of the Company right before they were required to sign off on MindMed's SEC filings. Similar to Chief Legal Officer Cynthia Hu who left one month prior to being required to sign MindMed's stock offering, Chief Financial Officer David Guebert resigned from MindMed the business day before he was obligated to make his first Sarbanes-Oxley certification of MindMed's financials. The Complaint further notes that MindMed's auditor Ernst & Young was fired shortly after reporting that MindMed had a material weakness in its internal controls under Sarbanes-Oxley.
|Over a month ago|
Mind Medicine to participate in a conference call with Roth Capital » 11:4510/1810/18/22
Biotech Analyst Piros…
Mind Medicine to participate in a conference call with Roth Capital » 04:5510/1810/18/22
Biotech Analyst Piros…
Mind Medicine to participate in a conference call with Roth Capital » 15:0210/1710/17/22
Biotech Analyst Piros…
Mind Medicine price target lowered to US$22 from C$60 at Canaccord » 07:3410/0410/04/22
Canaccord analyst Tania…
Canaccord analyst Tania Armstrong-Whitworth lowered the firm's price target on Mind Medicine to US$22 from C$60 and keeps a Speculative Buy rating on the shares after the company closed its previously announced $30M equity offering. The analyst said the offering proceeds will be used to fund its ongoing development programs, working capital, general corporate expenses, and potentially to invest in or acquire complementary businesses and/or technologies and that the added cash buffer takes its liquidity to fund operations to the first quarter of 2025. Though she can think of a few reasons why management "felt pressured to put up such a punitive deal so far in advance of running out of cash," Armstrong-Whitworth added that she believes the deal was "poorly timed and ill-conceived."