The psychedelic medicine industry is still at its nascent stage but some companies have already emerged as leaders and one of those is Mind Medicine Inc (NASDAQ:MNMD).
Trading Data
On Tuesday, MNMD stock soared 25.48% to $1.17 with 41.77 million shares, compared to its average volume of 4.35 million shares. The stock has moved within a range of $0.9901 – 1.3200 after opening trade at $1.01.
Major Trigger
Yesterday, the MindMed stock was in considerable focus among investors and ended the day with gains of as much as 25% as a consequence. The rally in the stock came about after the company managed to get a key approval from the United States Food and Drug Administration. Yesterday, it emerged that the regulator had given MindMed the permission by way of which it could take its MM 120 clinical trial forward.
The product in question is meant for the treatment of general anxiety disorder. It goes without saying that the development was a significant one for MindMed and the excitement among investors with regards to it was perfectly understandable as well. The company is going to start its Phase 2b trial by way of which it is going to evaluate the dose optimisation of the product. The trial is expected to commence soon. It may be a good idea for investors to keep an eye on the developments at this point in time with regards to this particular trial.
Technical Data
MNMD stock is below the 20-Day and 50-Day Moving averages of $1.23 and $1.65 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.64.
