Mind Medicine: Canaccord Maintains Ratings Following Financial Results

On Friday, November 13th, Mind Medicine (NEO: MMED) reported their third quarter 2020 financial results. Tania Gonsalves, Canaccord Genuity’s biotechnology analyst, has a C$2 price target and a speculative buy rating.

Gonsalves comments, “As a clinical-stage biotechnology company, quarterly financials are not a materially impactful event, apart from unexpected variations in forecast cash burn.”

Operating expenses came in at $6.9 million, $900k above their $5.8 million estimate. The reason costs came in higher was due to R&D expenses, which were $5.3 million compared to the forecast of $3.9 million. General and administrative expenses however came below her estimate of $2 million. The company reported a net loss of $8.7 million, above Canaccord’s estimate of $7.2 million.

Gonsalves says that they are extending their estimate of when Phase 1b trial of their 118-MC addiction program to the fourth quarter of 2020 and now assuming phase 2 trial begins in 2021. She justifies this by stating, “there was no mention of completion in the financials.”

Onto Mind Medicine’s LSD microdose program, Gonsalves says that they continue to model for the trial to start in Q4/20 but adds, “it could be delayed to Q1/20. Phase 2 trials are expected to be complete by the end of 2022.”

With Mind Medicine expenses being over estimates, Tania has now increased her R&D expenses by $1.5 million in the fourth quarter and $1 million in 2021, “to account for Phase 1 trials slated to begin before year-end.”


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Critical Minerals Are Rerating! | John Passalacqua – First Phosphate

This Isn’t A Gold Rally. It’s A Warning! | Adrian Day

The U.S. Just Put Real Money Behind Critical Minerals | Simon Clarke – American Critical Minerals

Recommended

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Military Seizes Power in Madagascar After President Flees

Related News

BMO Lowers Estimates For Peloton Interactive

Last week, Peloton Interactive Inc (NASDAQ: PTON) announced that their new Peloton Tread will be...

Monday, August 30, 2021, 02:24:00 PM

Stifel: WELL Health Is A “Unique Business Model Still In High Growth Phase”

Earlier this month, WELL Health Technologies (TSX: WELL) reported their second quarter financials, with quarterly...

Sunday, August 23, 2020, 04:05:00 PM

Microsoft: Q3 Earnings Consensus Estimates

Microsoft (NASDAQ: MSFT) will be reporting their fiscal third quarter financials on April 27th after...

Monday, April 26, 2021, 04:02:00 PM

Beyond Meat: Analysts Lower Price Targets Following Disappointing Earnings

Beyond Meat (NASDAQ: BYND) has been a laggard this year, with its year-to-date performance currently...

Sunday, May 16, 2021, 02:13:00 PM

Equinox: BMO Lowers Price Target After Second Blockade In Nine Months

On June 22nd, Equinox Gold Corp. (TSX: EQX) announced that there has been illegal blockades set...

Thursday, June 24, 2021, 04:14:00 PM