MNMD Stock Up More Than 100% in 6 Months: What's in Store for 2026?

Mind Medicine (MindMed) MNMD is developing its lead pipeline candidate MM120, an orally disintegrating tablet (ODT) and a pharmaceutically optimized form of lysergide D-tartrate, for the treatment of generalized anxiety disorder (GAD) and major depressive disorder (MDD).

Two pivotal phase III studies — Voyage and Panorama — are currently enrolling MM120 ODT in GAD, a debilitating mental health condition where there is an urgent need for transformational innovation, with the last new drug approval occurring in 2007. Earlier data from the phase II study on MM120 ODT demonstrated efficacy that far exceeded the current standard of care and a favorable tolerability profile.

Top-line data from the Voyage study is anticipated in the first half of 2026, while that from Panorama is expected in the second half of 2026.

A phase III study called Emerge of MM120 ODT in MDD has enrolled faster than expected, with top-line data now expected in mid-2026, earlier than the prior expectation of the second half of 2026. The company plans to initiate Ascend, its second phase III study in MDD, in mid-2026.

MindMed’s rapid pipeline progress in 2025 led the stock to rise 101.2% in the past six months, outperforming the industry’s increase of 27.6%.

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MindMed’s second asset in the pipeline, MM402, is being developed for autism spectrum disorder. A phase II study is expected to be initiated by the end of 2025.

With three pivotal data readouts expected, 2026 could be transformational for MindMed. Its recent $258.9 million financing has further strengthened its balance sheet, which should allow it to accelerate the development of MM120.

Zacks Rank and Stocks to Consider

MindMed has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are ANI PharmaceuticalsANIP, CorMedixCRMD and Castle Biosciences CSTL. ANIP, CRMD and CSTL currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for ANI Pharmaceuticals’ 2025 adjusted EPS have increased from $7.29 to $7.56. Over the same period, EPS estimates for 2026 have surged from $7.81 to $8.08. Shares of ANIP have surged 52.1% in the past year.

ANI Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 21.24%.

Over the past 60 days, estimates for CorMedix’s 2025 EPS have increased from $1.85 to $2.87, while estimates for 2026 have risen from $2.49 to $2.88 over the same period. Shares of CRMD have surged 54.7% over the past year.

CorMedix’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 27.04%.

Over the past 60 days, the loss estimate for Castle Biosciences has narrowed from 64 cents to 34 cents for 2025. Over the same period, loss estimates for 2026 have improved from $1.82 to $1.06. CSTL stock has rallied 47.8% over the past year.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining quarter, with the average surprise being 66.11%.

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This article originally published on Zacks Investment Research (zacks.com).

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