Mind Medicine (MindMed) Inc.

NasdaqGS:MNMD Stock Report

Market Cap: US$1.3b

Mind Medicine (MindMed) Valuation

Is MNMD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MNMD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MNMD ($13.39) is trading below our estimate of fair value ($234.95)

Significantly Below Fair Value: MNMD is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MNMD?

Key metric: As MNMD is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for MNMD. This is calculated by dividing MNMD's market cap by their current book value.
What is MNMD's PB Ratio?
PB Ratio10.1x
BookUS$130.60m
Market CapUS$1.28b

Price to Book Ratio vs Peers

How does MNMD's PB Ratio compare to its peers?

The above table shows the PB ratio for MNMD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average3.1x
SEPN Septerna
3.2x-31.69%US$1.2b
AMPH Amphastar Pharmaceuticals
1.6x4.04%US$1.2b
AMLX Amylyx Pharmaceuticals
4x41.20%US$1.3b
MBX MBX Biosciences
3.7x-3.57%US$1.4b
MNMD Mind Medicine (MindMed)
10.1x52.05%US$1.3b

Price-To-Book vs Peers: MNMD is expensive based on its Price-To-Book Ratio (10.1x) compared to the peer average (3.1x).

Price to Book Ratio vs Industry

How does MNMD's PB Ratio compare vs other companies in the US Pharmaceuticals Industry?

22 CompaniesPrice / BookEstimated GrowthMarket Cap
PLRX Pliant Therapeutics
0.4x0.21%US$74.35m
CTXR Citius Pharmaceuticals
0.2x47.75%US$16.26m
KPRX Kiora Pharmaceuticals
0.3x61.14%US$7.12m
INM InMed Pharmaceuticals
0.4xn/aUS$4.35m
MNMD 10.1xIndustry Avg. 2.5xNo. of Companies22PB01.63.24.86.48+
22 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: MNMD is expensive based on its Price-To-Book Ratio (10.1x) compared to the US Pharmaceuticals industry average (2.6x).

Price to Book Ratio vs Fair Ratio

What is MNMD's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MNMD PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio10.1x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MNMD's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MNMD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$13.39
US$28.67
+114.09%
48.28%US$61.00US$16.00n/a12
Dec ’26US$12.26
US$25.64
+109.11%
40.10%US$55.00US$16.00n/a11
Nov ’26US$14.20
US$24.91
+75.42%
42.61%US$55.00US$16.00n/a11
Oct ’26US$12.33
US$23.78
+92.84%
47.90%US$55.00US$16.00n/a9
Sep ’26US$8.88
US$25.00
+181.53%
45.64%US$55.00US$16.00n/a10
Aug ’26US$8.44
US$24.50
+190.28%
46.97%US$55.00US$16.00n/a10
Jul ’26US$6.68
US$24.50
+266.77%
46.97%US$55.00US$16.00n/a10
Jun ’26US$7.26
US$24.50
+237.47%
46.97%US$55.00US$16.00n/a10
May ’26US$6.59
US$24.50
+271.78%
46.97%US$55.00US$16.00n/a10
Apr ’26US$5.54
US$24.50
+342.24%
46.97%US$55.00US$16.00n/a10
Mar ’26US$6.72
US$25.60
+280.95%
43.61%US$55.00US$16.00n/a10
Feb ’26US$6.79
US$25.60
+277.03%
43.61%US$55.00US$16.00n/a10
Jan ’26US$6.96
US$25.89
+271.97%
45.32%US$55.00US$16.00US$13.399
Dec ’25US$8.17
US$26.63
+225.89%
46.00%US$55.00US$16.00US$12.268
Nov ’25US$6.14
US$26.25
+327.52%
47.76%US$55.00US$14.00US$14.208
Oct ’25US$5.63
US$26.25
+366.25%
47.76%US$55.00US$14.00US$12.338
Sep ’25US$6.06
US$26.50
+337.29%
46.45%US$55.00US$16.00US$8.888
Aug ’25US$8.38
US$24.25
+189.38%
29.50%US$36.00US$16.00US$8.448
Jul ’25US$7.07
US$24.25
+243.00%
29.50%US$36.00US$16.00US$6.688
Jun ’25US$8.80
US$24.25
+175.57%
29.50%US$36.00US$16.00US$7.268
May ’25US$9.43
US$30.86
+227.22%
61.99%US$75.00US$16.00US$6.597
Apr ’25US$9.52
US$32.67
+243.14%
61.52%US$75.00US$16.00US$5.546
Mar ’25US$6.23
US$26.17
+320.01%
87.38%US$75.00US$8.00US$6.726
Feb ’25US$4.09
US$26.00
+535.70%
88.27%US$75.00US$8.00US$6.796
Jan ’25US$3.66
US$26.00
+610.38%
88.27%US$75.00US$8.00US$6.966
US$28.67
Fair Value
53.3% undervalued intrinsic discount
12
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/31 15:50
End of Day Share Price 2025/12/31 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Mind Medicine (MindMed) Inc. is covered by 20 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christopher ChenBaird
Joel BeattyBaird
null nullBaird