The mental healthcare sector is currently one of the more interesting ones due to the rising awareness about mental health among the people. One of the mental healthcare companies that you could look into today is Numinus Wellness Inc (OTCMKTS:NUMIF) (TSE:NUMI).
On Thursday, NUMIF stock went down 3.10% to $0.5362 with more than 104k shares, compared to its average volume of 257k shares. The stock has moved within a range of $0.5270 – 0.5800 after opening trade at $0.56.
Numinus Wellness Inc. Reports Q1 2022 Results
The company is involved in the development of modern treatments and psychedelic based therapies for promoting mental health wellbeing. Yesterday, the stock was in focus among investors and ended up with a decline of 3% for the day. That took the decline made by the Numinus stock in the past week to as much as 18%.
Yesterday, the company announced its financial results for the first fiscal quarter for the three months that had ended on November 30, 2021. Numinus noted that it had managed to end the period with a cash balance of as much as $53.9 million.
On the other hand, the revenues for the period came in at a $0.8 million and while that may look like a paltry figure it should be noted that it reflected year on year rise of a staggering 244.5% for Numinus. At this point, it remains to be seen if the stock can make a recovery any time soon.
“We have made significant advancements in all areas of our business over the last several months, with many exciting opportunities on the horizon,” said Payton Nyquvest, Founder and CEO. “Of note, the partnership across our lab and clinical teams has been instrumental in passing key milestones on two major clinical trials: one for a proprietary Psilocybe formulation and the other a MAPS-sponsored MDMA study. In addition, we’re continuing to make discoveries in our Bioscience lab and recently begun genetic testing on several newly-acquired psychedelic mushroom species.”
NUMIF stock is above the 20-Day and 50-Day Moving averages of $0.50 and $0.48 respectively. However, the stock is trading below the 200-Day moving average of $0.66.