Jones Initiates Coverage on MindMed, Highlighting Potential of Psychedelics for Mental Health Treatment

Written by Emily J. Thompson, Senior Investment Analyst

MNMD+1%

Source: SeekingAlpha

Updated: Dec 23 2025

0mins

Source: SeekingAlpha

Analyst Initiation: Jones Trading has initiated coverage of MindMed (MNMD), highlighting its potential to leverage trends in psychedelic neuropsychiatry, with a price target of $61 indicating a potential 359% return.
Clinical Data Expectations: Analyst Justin Walsh anticipates that positive clinical data from earlier trials will lead to favorable Phase III results for MindMed's lead asset, MM120, which targets generalized anxiety disorder (GAD) and major depressive disorder (MDD).
Market Perception: Despite significant year-to-date gains in MindMed's stock, Walsh believes the market is undervaluing the company's potential and overestimating risks, citing promising Phase 2b data showing substantial improvements in anxiety symptoms with MM120.
Future Developments: MindMed is also working on MM402, an MDMA-derived therapy for autism, and plans to release pivotal Phase III data in 2026, supported by a strong financial position following a $242.8 million financing round.

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Analyst Views on MNMD

Wall Street analysts forecast MNMD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MNMD is 31.11 USD with a low forecast of 18.00 USD and a high forecast of 61.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

10 Analyst Rating

10 Buy

0 Hold

0 Sell

Strong Buy

Current: 15.020

Low

18.00

Averages

31.11

High

61.00

Current: 15.020

Low

18.00

Averages

31.11

High

61.00

Needham

Buy

maintain

$28

2026-01-05

Reason

Needham

Price Target

$28

AI Analysis

2026-01-05

maintain

Buy

Reason

Needham named Mind Medicine a top pick for 2026 and added the stock to its Conviction List. The firm keeps a Buy rating on the shares with a $28 price target. Mind has a "catalyst-rich" 2026 with three pivotal readouts, the analyst tells investors in a research note. Needham sees the readouts making 2026 a "transformative year" for the company. Mind's MM120 is "de-risked" in generalized anxiety disorder based on the "robust" Phase 2b data, the firm contends.

JonesResearch

NULL -> Buy

initiated

$61

2025-12-23

Reason

JonesResearch

Price Target

$61

2025-12-23

initiated

NULL -> Buy

Reason

JonesResearch initiated coverage of Mind Medicine with a Buy rating and $61 price target. The firm, which anticipates that "strong" clinical data from earlier stages will translate into positive Phase 3 results for lead asset MM120 in generalized anxiety disorder and major depressive disorder, views MindMed as poised to take advantage of current trends favoring the development of psychedelic agents in psychiatry, the analyst tells investors.

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About MNMD

Definium Therapeutics, Inc., formerly Mind Medicine (MindMed) Inc., is engaged in developing therapeutics intended to solve the underlying causes of psychiatric and neurological disorders and offer patients long-term remission rather than transient symptom reduction. The Company plans to advance DT1201 ODT toward FDA submissions in the two largest psychiatric markets, generalized anxiety disorder (GAD) and major depressive disorder (MDD). Its late-stage pipeline includes four Phase 3 trials, two each for GAD and MDD, anchored by its lead candidate, DT120 ODT, which has received an FDA Breakthrough Therapy Designation for GAD. In parallel, the Company is engaged in advancing its commercial strategy and operational readiness to support a care model and prepare for the launch of DT120 ODT, if approved and marketed. It also continues to advance its early-stage pipeline, having dosed the first patient in a Phase 2a study of DT4023 in adults with autism spectrum disorder (ASD).

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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Top News

Definium Appoints Roger Adsett to Board of Directors to Drive Growth

1 day agoYahoo Finance

Leadership Expansion: Definium Therapeutics announces the appointment of Roger Adsett to its Board of Directors, leveraging over 20 years of experience in biopharmaceuticals to drive the company's success in three anticipated Phase 3 trials in 2026.
Strategic Optimization: Adsett's proven track record at Insmed, particularly in launching ARIKAYCE® and BRINSUPRI®, indicates he will provide valuable commercial execution capabilities to enhance Definium's market impact in mental health treatments.
Commitment to Scientific Rigor: Adsett expressed admiration for Definium's commitment to scientific rigor in mental health, indicating his dedication to translating clinical research into valuable therapies, thereby strengthening the company's leadership position in the industry.
Educational Background and Experience: With an MBA from the Wharton School at the University of Pennsylvania and a bachelor's degree in English and economics from Bucknell University, Adsett's extensive educational and professional background will provide robust support for Definium's strategic development.