Among the stocks that tanked yesterday, one of the more notable ones was the Mindset Pharma Inc (OTCMKTS:MSSTF) stock, which fell by as much as 20% amidst a heavy selloff. In this situation, it is perhaps a good idea for investors to figure out if the sharp fall in the stock could in fact prove to be an opportunity for investors to get into it.
Trading Data
On Wednesday, MSSTF stock tumbled 20% to $0.5448 with more than 62k shares, compared to its average volume of 52k shares. The stock has moved within a range of $0.5315 – 0.7573 after opening trade at $0.7573.
Recent News
Hence, it could be a good idea to take a look at the development from yesterday. On Wednesday it emerged, that the global Otsuka collaboration of pharmaceutical companies named The McQuade Center for Strategic Research and Development, LLC and Mindset Pharma were going to work together in developing psychedelic medicines.
It is a significant development considering the fact that the psychedelics based medicine space may be at a nascent stage now but it has the potential of becoming the next big thing. In this situation, the drug development and discovery expertise of Mindset Pharma is going to be deployed.
Although it is true that the stock performed poorly following the announcement yesterday, it might still be a good move for investors to keep an eye on Mindset Pharma at this point.
Key Quote
“Exploring multiple paths is essential as we work to address the unique needs of individuals living with mental health conditions,” said Robert McQuade, Ph.D., president, McQuade Center for Strategic Research and Development, LLC, and chief strategic officer, Otsuka Pharmaceutical Development & Commercialization, Inc. “We look forward to collaborating with Mindset on these assets and are hopeful that medical psychedelics could be approved to treat mental illness in the future.”
Technical Data
MSSTF stock is trading below the 20-Day and 50-Day Moving averages of $0.58 and $0.57 respectively. Moreover, the stock is below 200-Day moving average of $0.56.
