Mydecine Innovations Group (OTCMKTS:MYCOF) stock Goes Parabolic: Soars 61% In a Week

The price action in the Mydecine Innovations Group (OTCMKTS:MYCOF) stock in recent days may bring it into considerable focus among investors this morning. The stock was in the middle of another rollicking rally yesterday and ended the day with gains of 13%.

Trading Data

On Thursday, MYCOF stock moved up 13.21% to $0.18 with more than 2.07 million shares, compared to its average volume of 794k shares. The stock has moved within a range of $0.1590 – 0.1840 after opening trade at $0.18.

Key Trigger

That too the gains made by the stock over the course of the past week to as much as 61%. In light of such enormous gains, it may be a good idea for investors to take a look at the announcement from the digital tech and biotech company yesterday.

The company announced yesterday that it was going to launch The Special Access Support and Supply Program that is going to be involved in supplying services and products to clinics, hospitals and physicians located in Canada.

The products and services are meant for those hospitals, physicians and clinics which are interested in treating patients with psychotherapy that is backed by psychedelics. It goes without saying that the announcement from the company yesterday was a significant one and it is going to be interesting to see if the Mydecine stock can continue to add to its gains in the coming days.

Key Quote

Mydecine’s Chief Medical Officer, Dr. Rakesh Jetly, stated, “While we are committed to demonstrating the safety and efficacy of these medicines for specific indications through our clinical trials, we do recognize that in the meantime, there are people that are suffering from mental illnesses that haven’t responded to the evidence-based treatments that are currently accessible to them. I believe through our program, we can help treat a significant patient population who are in need of alternative options. Our global team of scientists, doctors, and advisors have extensive experience in administering these types of treatments, and we look forward to sharing that knowledge and expertise to promote responsible and successful use of psilocybin and MDMA.”

Technical Data

MYCOF stock is trading above the 20-Day and 50-Day Moving averages of $0.13 and $0.15 respectively. However, the stock is trading below the 200-Day moving average of $0.27.