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

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

Li-Cycle: BMO Cuts Target After Negative Revenues Recorded In Q3

Li-Cycle (NYSE: LICY) recently reported its third-quarter financial results. The company reported revenues of -$2...

Sunday, September 25, 2022, 11:13:00 AM

Alamos Gold: BMO Production Estimates For Q4 Comes In High

On January 17th, Alamos Gold Inc. (TSX: AGI) reported its fourth quarter and full-year production...

Sunday, February 6, 2022, 11:13:00 AM

Amazon: Analyst Consensus Points To $4.02 Earnings Per Share For Q4

Amazon.com Inc (NASDAQ: AMZN) will be reporting its fiscal fourth quarter financial results on February...

Tuesday, February 1, 2022, 03:48:00 PM

Cresco Labs: Stifel Slashes Price Target From $30 To $8 Following Poor Q4 Results

On March 23rd, Cresco Labs (CSE: CL) announced its fourth-quarter financial results, which disappointed many...

Friday, March 25, 2022, 03:39:00 PM

Activision Blizzard Consensus First Quarter Estimates

Activision Blizzard (NASDAQ: ATVI) will be reporting its first-quarter financial results on May 4th after...

Tuesday, May 4, 2021, 11:48:00 AM