Is Mind Medicine stock a buy?

Mind Medicine (Mind Medicine (MindMed) Stock Quote, Chart, News, Analysts, Financials NASDAQ:MNMD) reported second-quarter 2025 results on August 4, with a focus on continued strong enrollment across all three of its Phase 3 trials for MM120 ODT in Generalized Anxiety Disorder and Major Depressive Disorder.

Roth Capital Markets analyst Jason Wittes noted in an August 4 report that adjusted EPS came in at -$0.50, below both his and consensus estimates of -$0.38. MindMed ended the quarter with $237.9-million in cash, cash equivalents, and investments, which is expected to support operations into 2027. Wittes maintained a “Buy” rating and $36 price target, highlighting the company’s funding runway and expanded credit facility with K2 HealthVentures.

MindMed is a clinical-stage biopharmaceutical company focused on developing treatments for brain health disorders.

MM120 ODT is MindMed’s investigational oral dissolving tablet (ODT) formulation of lysergide (also known as LSD), being developed as a treatment for mental health disorders such as GAD and MDD.

The company is advancing three Phase 3 studies of MM120 ODT. The Voyage and Panorama trials for GAD are both on track, with topline data expected in the first and second halves of 2026, respectively. The Emerge trial for MDD also began dosing in April 2025, with data expected in the second half of 2026.

“Our 12-month price target of $36 is based on a DCF analysis using a 25% discount rate that is applied to all cash flows and the terminal value, which is based on a 5x multiple of our projected 2031 operating income of $1.9-billion,” Wittes said.

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