Definium Therapeutics (DFTX): The Trip Worth Taking in Neuropsychiatry; Initiating at Overweight

We are initiating coverage of Definium Therapeutics (DFTX) with an Overweight rating and Dec 2027 price target of $84. Definium's lead asset is DT120 ODT, the D-tartrate salt form of the psychedelic, lysergide (LSD), which Definium is developing as a treatment for various disorders. Overall, as a psychedelic drug, we see Definium/DT120 ODT potentially shifting the treatment paradigm in neuropsychiatry. Further, we see the asset as having intriguing pipeline-in-a-product potential, in a growing/high-interest field that is still in its early stages, alongside its broader shots on goal in its pipeline (i.e., DT402);