Mind Medicine price target raised to $16 from $14 at Canaccord

Canaccord raised the firm’s price target on Mind Medicine (MNMD) to $16 from $14 and keeps a Buy rating on the shares. The firm said they are encouraged that its programs remain on track, and management expressed confidence in the company’s ability to hit these timelines. While the wait for Phase 3 data might appear to be somewhat long, Canaccord still views the company, with its solid Phase 2 results, as significantly undervalued given the sizes of the indications it is targeting.