The Gat

[The Gat @SoundVibes5]

@commie22 @EdmontonOilers Wonder how many people came here just to call this guy a plug

[Saisei @SaiseiInvesting]

$ONDS @CEOOndas x @BloombergTV

[The Gat @SoundVibes5]

@sean_howse @EdmontonOilers Your parents should take your phone away already

[The Gat @SoundVibes5]

@JoelWitcombe2 where you at?
They got you under an NDA or what

$FLT.TO

[CCFC-New season @sohali2012]

Sophie Cunningham just cracks me up. After Bonner doesn’t hit any free throws, she points!! 😂

[filip @filipsamardzicc]

$DFTX Analyst Notes on DT120

Psychedelics are shaping up to be one of those rare lifetime opportunities in biotech where you have both enormous unmet need and a genuinely differentiated approach that could actually fill it. Current treatments for depression and anxiety leave a huge number of patients cycling through options that often don’t deliver fast enough, durable enough, or tolerable enough relief. Tens of millions of adults in the US alone suffer from major depressive disorder and generalized anxiety disorder every year. That gap is exactly why this kind of profile — rapid, effective, and convenient — represents such a meaningful market opportunity. As an investor, I’m very happy with how this first pivotal readout has landed, and Wall Street has been quick to update models. Multiple firms have lifted price targets while keeping bullish ratings, reflecting higher conviction in the asset and the broader platform.

Here’s a rundown of the key moves I’ve seen so far (all post-Emerge):

Jones Trading (Justin Walsh) – $74 Target (Buy, raised from $61)

Jones Trading currently has one of the most aggressive targets on the Street. They raised significantly after the Emerge readout, reflecting strong conviction in the data package and what it means for the overall DT120 program. While their public note language was relatively concise, the size of the move — one of the largest single lifts — signals they see substantial upside from the de-risked MDD results and the oral single-dose convenience that could support broader adoption and scalability compared to more complex psychedelic administration approaches. They’ve been constructive on the late-stage pipeline and view the asset as having clear commercial potential in large psychiatric markets where current options often fall short on speed, durability, or tolerability for many patients.

H.C. Wainwright & Co. (Patrick Trucchio) – $70 Target (Buy, held/reiterated)

Wainwright has long been one of the more bullish voices, with a $70 target that has held firm through the recent data. Their prior commentary emphasized the robust late-stage DT120 pipeline and de-risked Phase 3 programs. Post-Emerge, they remain highly constructive, viewing the clean pivotal MDD results as further validation of the asset’s potential across both depression and anxiety indications. They’ve highlighted the platform’s positioning in a space with significant unmet need and noted the oral ODT formulation as a practical advantage for real-world use. The high target reflects confidence that successful execution on the remaining readouts could support substantial re-rating as the program moves toward potential approval and commercialization.

LifeSci Capital (Francois Brisebois) – $63 Target (Buy, raised from $44 post-data)

Brisebois raised his target meaningfully on the back of the strong DT120 ODT Phase 3 data and what it means for reduced risk across the MDD and GAD programs. Earlier notes already described the upcoming Phase 3 readouts as relatively de-risked and highlighted DT120’s ability to address unmet needs in anxiety and depression. The post-Emerge lift underscores that the Emerge results exceeded expectations in key areas — efficacy signal, onset, and tolerability — further de-risking the overall story. LifeSci sees DT120 as having a differentiated profile that could translate into meaningful commercial traction, particularly given the single-dose oral approach and the potential for durable effects that differ from daily maintenance therapies. The raise reflects increased confidence that positive momentum from this first pivotal win carries through to the GAD studies and the second MDD trial.

Canaccord Genuity – $60 Target (Buy, raised from $38)

Canaccord lifted their target substantially and kept the Buy rating, explicitly citing higher conviction in the likelihood of success for the DT120 program following the Emerge Phase 3 results. They noted that the major depressive disorder data “also bode very well” for the upcoming Phase 3 readouts in generalized anxiety disorder. The firm views DT120 as emerging as “a very solid contender” in the space and sees “more room” for shares to run as a result of this increased confidence. Their commentary frames the oral single-dose profile as a practical differentiator that could support broader real-world adoption and scalability. They connect the strong MDD signal to improved odds on the GAD side, reinforcing the idea that success here helps validate the broader platform and positions Definium competitively against both legacy treatments and other developing options in psychedelics.

Oppenheimer (Jay Olson) – $60 Target (Outperform, raised from $40)

Oppenheimer raised their target on the positive pivotal data and maintained an Outperform rating. The move reflects the strength of the Emerge readout and what it means for de-risking the lead asset. Olson’s coverage has focused on the late-stage DT120 pipeline and the potential for this program to deliver meaningful advances in psychiatric care. The higher target incorporates the clean efficacy and safety profile observed, along with the practical advantages of the oral ODT formulation for potential commercial execution. Oppenheimer sees the results as supportive of the overall story heading into the remaining GAD and MDD readouts, with the data package strengthening the case for DT120 as a differentiated option in a market where many patients cycle through treatments due to incomplete response or tolerability issues.

Baird (Christopher Chen) – $57 Target (Outperform, raised from $37)

Baird updated their model following the Emerge results and raised the target while keeping Outperform. The revision directly incorporates the positive Phase 3 MDD data, including the statistically significant and clinically meaningful improvement versus placebo. Chen’s note reflects growing confidence in DT120’s profile — rapid onset, solid durability signals in the data so far, and a favorable safety experience that aligns with what would be needed for real-world use. The raise signals that the first pivotal win meaningfully de-risks the program and supports higher probability-weighted expectations for the asset across its target indications. Baird has been constructive on the broader Definium pipeline and sees the oral single-dose approach as a key practical advantage versus more burdensome administration methods in the psychedelic space.

Leerink Partners (Marc Goodman) – $52 Target (Outperform, raised from $30)

Leerink delivered one of the most detailed positive takes. They highlighted the strength of the MDD dataset (>8-point placebo-adjusted MADRS benefit at week 6 and sustained >7 points at week 12) and stated that DT120 has “consistently had the best data in the psychedelics space.” They increased their probability of success for MDD and raised peak sales estimates into the $1.5–2.0 billion range for that indication alone — a key driver of the higher price target. The note frames the results as de-risking a large market opportunity and providing additional confidence heading into the GAD program. Goodman’s commentary positions DT120’s oral single-dose profile and tolerability as meaningful differentiators that could support stronger commercial performance than more complex or higher-burden approaches. They see the asset as having best-in-class potential within the emerging psychedelic therapeutics category and view the overall program as having substantial upside if the remaining Phase 3 data continues to deliver.

Needham (Ami Fadia) – $50 Target (Buy, raised from $38)

Needham raised their target and kept Buy after the positive EMERGE data in MDD. They specifically noted that the results demonstrated improvement in placebo-adjusted reduction compared to Spravato (esketamine) and were superior to other psychedelics in development. The firm highlighted that the study de-risked a large market opportunity and provides additional confidence in the GAD studies expected in the third quarter (VOYAGE in early Q3 and PANORAMA in late Q3). They pointed out that roughly 25% of patients in EMERGE also had a GAD diagnosis, creating a natural read-through. Needham called out better-than-expected efficacy in MDD patients, which supports the pivotal program and raises their PoS for MDD to 60% from 25%. The note emphasizes DT120’s practical profile (including clearance time data showing many patients ready relatively quickly) and sees the overall data package as strengthening the case for the asset in both depression and anxiety, where current treatments often leave significant unmet need.

We still have important Phase 3 readouts ahead on the GAD side (Voyage and Panorama) and the second MDD study (Ascend) over the coming months. Based on what these analysts are saying, it feels like we’re still early in what could be a much bigger story if the remaining data continues to support it.

[Spittin' Chiclets @spittinchiclets]

"It was very evident before the year started. I hadn't benched anybody, I hadn't talked to anybody, I hadn't sat anybody out, and it was evident that we weren't together as a staff right from the get-go.”

Mike Babcock on why he left Columbus.

[The Gat @SoundVibes5]

@FriedgeHNIC Lets gooo!

[Bodoxstocks @bodoxstocks]

$ONDS

DID 4M DEFENSE JUST TEASE ITS NEXT-GEN AUTONOMOUS INTELLIGENCE PLATFORM WITH NEXUS? 🚨👀

[Eric Brock @CeoOndas]

I met Jim several times during the early days at Clough Capital. Lovely guy then and by all accounts still is.

Jim has earned the right to be wrong once in a while. Still a legend. 👊🏼

We remain focused on building a category-defining autonomous systems company.

Time will tell. Full steam ahead.

[The Gat @SoundVibes5]

@JoelWitcombe2

[The Gat @SoundVibes5]

Volatus Quietly Becoming One of Canada’s Most Interesting Defense/Autonomy Stories

https://t.co/vKsttPUeXF

$flt.to $takof

[Evan @StockMKTNewz]

Nvidia $NVDA CEO Jensen Huang just announced a new product family of AI-enabled computers

"There is no question this reinvention of the computer is as big a deal as the reinvetion of the phone into what we now know as the smartphone"

"A new line. A new beginning."

[shirish @shiri_shh]

The laptop hasn't changed in 30 years. NVIDIA just changed it

RTX Spark is their first PC chip ever.

- RTX 5070 level GPU
- 128GB unified memory
- 1 petaflop of local AI
- thin, light, barely throttles unplugged

Your AI agent lives on the machine. 24/7. No cloud.

This is step one of the agentic AI PC, and everyone else is about to copy it.

[Prof @TheProfInvestor]

Oh my Ondas.

$ONDS - you are handpicked.

Government officials are literally telling you which companies to focus on.

[NVIDIA @nvidia]

A new era of PC.

25.0528, 121.5990

[The Gat @SoundVibes5]

@KaterynaLis @JoelWitcombe2

[filip @filipsamardzicc]

$DFTX

One challenge that keeps coming up in psychedelic drug development is functional unblinding — the idea that patients can tell they’re on the active drug because of the noticeable effects, potentially inflating results through expectation alone.

Definium Therapeutics has confronted this head-on and built their entire program around it.

In their Phase 2b GAD study, nearly everyone on the active arm correctly guessed their treatment, yet the data showed a clear, statistically significant dose-response: only the 100 µg dose delivered the strong efficacy, while the lower doses did not — despite similar guessing patterns. That separation proved the benefit was coming from the drug itself, not just placebo-like expectancy.

For the pivotal Phase 3 trials, they’ve taken it even further. They added a 50 µg “decoy” dose arm in both Panorama (GAD) and Ascend (MDD) to create real uncertainty for participants. They’re also using fully blinded central raters who have no idea about dosing or visit details when scoring the primary endpoints. Management, led by CEO Rob Barrow and CMO Daniel Karlin, has been transparent: this isn’t unique to psychedelics, and their multi-dose designs plus independent assessments give them high confidence that any measured effect will reflect true drug activity.

With enrollment complete or nearly wrapped across the key studies, a rock-solid cash position, and these thoughtful safeguards in place, Definium is as prepared as it gets for the three transformative readouts coming in the next few months.

The team isn’t just hoping the data speaks for itself — they’ve engineered the studies to make sure it does. This level of rigor is exactly why the ODT formulation and DT120 program stand out as one of the most scalable and de-risked assets in the entire space.

Strong conviction heading into the catalysts.

[Chow @JoelWitcombe2]

$TAKOF $FLT.TO

Great post by Glen here - highly recommend any investor reading it 🔥

https://t.co/amokM68RKV

[Chow @JoelWitcombe2]

$TAKOF $FLT.TO

🚨 @VolatusAero testing with members of the Canadian Army at Edmonton 👀🔥