10 Best Multibagger Stocks To Buy Heading into 2025

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

1-Year Share Price Performance: ~250%

2-Year Share Price Performance: ~195%

Average Price Target Upside: 146.77%

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is a clinical-stage biopharma company focused on creating new treatments for brain health disorders. Aiming to lead in this field, it is developing a range of product candidates that influence key neurotransmitter pathways, some with and some without perceptual effects. It is working to address brain health challenges with its pipeline, designed to improve patient outcomes in challenging neurological conditions.

The company shared its third-quarter 2024 financial results and updates on its clinical programs on November 7. The company is preparing for its first Phase 3 trial, Voyage, to evaluate MM120 ODT, a form of lysergide D-tartrate (LSD), for generalized anxiety disorder (GAD) by late 2024, with a second GAD trial, Panorama, planned for 2025.

It also plans to launch Emerge, its first Phase 3 trial of MM120 ODT for major depressive disorder (MDD), in early 2025. The company anticipates initial data from these GAD and MDD trials in 2026.

MindMed (NASDAQ:MNMD) is also progressing with MM402, a modified form of MDMA aimed at treating autism spectrum disorder (ASD). Following a Phase 1 study completed in October 2024, further studies are planned to assess MM402’s potential for reducing ASD symptoms. MM120 is designated a breakthrough therapy by the FDA for GAD due to high unmet needs, especially in treatment-resistant cases.

As of September 30, 2024, the company held $295.3 million in cash and cash equivalents, up from $99.7 million at the end of 2023. The company expects this cash to fund operations through at least 2027, extending over a year beyond its anticipated first Phase 3 data readout for MM120 ODT in GAD.