MindMed (MNMD) Up on 50% Enrollment in Anxiety Disorder Study
MindMed MNMD announced significant progress in the phase IIb study of its lead candidate MM-120 (lysergide D-tartrate) for anxiety disorder. The study has already enrolled and dosed more than 50% of patients from the planned 200 participants aged 18 to 74 years.
Top-line results from the study are expected to be released in late 2023.
Shares of the company rose almost 4.5% following the news on May 17, after market close. The stock has surged 49.6% year to date against the industry’s 7.2% decline.
Image Source: Zacks Investment Research
The mid-stage study is a randomized, placebo-controlled dose-finding study, being conducted across multiple centers. The study aims to evaluate the efficiency and safety of four different doses of MM-120 (25 µg, 50 µg, 100 µg, or 200 µg) against a matching placebo for improving symptoms of anxiety.
Its primary objective is to assess the reduction in anxiety symptoms after four weeks of MM-120 administration and then compare the results across the five treatment arms.
The key secondary objective of the study includes the assessment of anxiety symptoms, safety, tolerability and improvements in the quality of life after single administration of MM-120 for up to 12 weeks.
The company had initiated dosing for the abovementioned study in August 2022. Over the past few months, patient enrollment has significantly increased, with 25 patients joining the study in the past 30 days.
Management expressed gratitude to the company’s team, study investigators, staff and the participating patients for their contributions to achieving this milestone.
MindMed is also evaluating MM-120 in a phase IIa proof-of-concept study for treating attention deficit hyperactivity disorder. The study is designed to assess the safety and efficacy of repeated low-dose MM-120 administration in 52 patients. The top-line data from the same are also expected in late 2023.
MNMD is advancing the development of another candidate MM-402 into the first clinical study in 2023 for treating core symptoms of autism spectrum disorder.
Mind Medicine (MindMed) Inc. Price and Consensus
Mind Medicine (MindMed) Inc. price-consensus-chart | Mind Medicine (MindMed) Inc. Quote
Zacks Rank and Stocks to Consider
Currently, MindMed carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the same sector are Ocuphire Pharma OCUP, Allogene Therapeutics ALLO and Halozyme Therapeutics HALO, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Loss per share estimates for Ocuphire Pharma have narrowed from 29 cents to 24 cents for 2023 and from 86 cents to 81 cents for 2024, in the past 60 days.
The company’s shares have surged 22.7% in the year-to-date period. Ocuphire’s earnings beat estimates in three of the last four quarters and missed the mark in one, the average surprise being 21.19%.
Loss per share estimates for Allogene have narrowed from $2.50 to $2.31 for 2023 and from $2.48 to $2.20 for 2024, in the past 60 days. Shares of ALLO have declined 3.8% in the year-to-date period.
Allogene’s earnings beat estimates in three of the last four quarters and missed the mark in one, the average surprise being 5.08%.
The Zacks Consensus Estimate for Halozyme Therapeutics’ earnings has increased from $3.75 per share to $3.76 for 2024, in the past 60 days. Shares of HALO have plunged 41.4% in the year-to-date period.
Halozyme Therapeutics’ earnings beat estimates in three of the last four quarters and missed the mark in one, the average surprise being 12.09%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Halozyme Therapeutics, Inc. (HALO) : Free Stock Analysis Report
Allogene Therapeutics, Inc. (ALLO) : Free Stock Analysis Report
Ocuphire Pharma, Inc. (OCUP) : Free Stock Analysis Report
Mind Medicine (MindMed) Inc. (MNMD) : Free Stock Analysis Report
