Mind Medicine initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Mind Medicine (MNMD) with an Outperform rating and $23 price target Mind Medicine, which is developing a novel oral formulation of LSD, has two lead indications – generalized anxiety disorder and major depressive disorder – plus there are multiple large expansion opportunities, notes the analyst, who increasingly believes that psychedelics will play a role in future treatment paradigms.