Investors believing in psychedelics can consider Mind Medicine Inc (NASDAQ:MNMD) stock as the company in exploratory medicine can be a good choice considering its price. Cannabis stocks were holding strong in 2017, before the spread of the decriminalization movement. There is no surety on this not happening with MNMD stock but it is interesting to delve into the underappreciated part of alternative therapies for mental illness.
Investors not owning the stock in early 2020 missed out on a significant rally. The share prices of MNMD moved from nickel in February 2020 to $5.77 in April 2021. Yet, share prices have dropped with the stock hovering in a range of below $3.
Long-term shareholders would look at a target price of $5 and then $6 and it is possible that short squeeze fuelled by Reddit traders can deliver such returns. Investors however should refrain from looking at social media for an upward movement.
Mind Medicine as a magic mushroom-focused company seems interesting but the firm has made progress on advancing towards psilocybin (i.e., magic mushrooms) for healing purposes. It had also launched Project Lucy, a drug development focusing on experiential doses of LSD for anxiety disorder treatment.
The company is making significant progress with that project, especially through discussions with the U.S. Food and Drug Administration.
Mind Medicine is also exploring DMT as a potential drug candidate. N, N Dimethyltryptamine, a psychedelic drug. The research for the same was halted in the 1970s but began again in the 1990s.
