5 Most Promising Psychedelic Stocks According To Analysts

4. Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Number of Hedge Fund Holders: 6

Estimated 1-year Target Price: $23.63

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is a New York-based clinical stage biopharmaceutical company that develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. It is one of the best psychedelic stocks to buy according to analysts. 

On December 15, EF Hutton analyst Elemer Piros initiated coverage of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) with a Buy rating and a $21 price target. According to the analyst, MindMed has breathed new life into the clinical development of LSD, the oldest psychedelic substance in the Western world. The analyst also stated that MindMed has initiated the first efficacy trial using LSD for any indication, which is industry-sponsored and randomized, as well as highlighting the company’s financial position with cash reserves that can last for over two years.

According to Insider Monkey’s Q4 data, 6 hedge funds were long Mind Medicine (MindMed) Inc. (NASDAQ:MNMD), compared to 4 funds in the prior quarter. Anand Parekh’s Alyeska Investment Group is the largest stakeholder of the company, with 1.10 million shares worth $2.42 million. 

Follow Mind Medicine (Mindmed) Inc. (NASDAQ:MNMD)