Geometry Dash APK Hill Climb Racing APK
59.4 F
New York
Monday, September 26, 2022

Mind Medicine Inc (OTCMKTS:MMEDF) Just Hit a Wall. Time To Sell?

Must read

Asia Broadband Inc (OTCMKTS:AABB) Is Up 1100% This year: What’s The Buzz?

There are some stocks that have managed to clock massive over the course of the past month or so and one of...

Blockchain Technologies Ltd (OTCMKTS:HVBTF) Makes A Stunning Move on Blockchain Optimism

The cryptocurrency boom has sustained for many months now and it anything; it is expected to continue in the future.

Bombardier, Inc. (OTCMKTS:BDRBF) Continues to Gain Momentum and Strength

Many stocks have managed to record significant gains in recent months and one that often flies under the radar is Bombardier,...

Grayscale Bitcoin Trust (Btc) (GBTC) Makes Big Move As Bitcoin Goes Wild

Bitcoin, the world’s biggest cryptocurrency by market cap, has been in the middle of a remarkable rally for the past few months...

The mental wellness industry has grown by leaps and bounds in recent years and it is expected to grow further in the years to come.

One of the companies that have been in focus among investors this year is Mind Medicine (MindMed) Inc (OTCMKTS:MMEDF), which works on producing psychedelics-based medicines to treat mental anxiety.

Why The Sudden Fall?

The medicines in question are made from products like magic mushrooms and LSD. Since the middle of September, the Mind Medicine stock has attracted a lot of focus from investors.

Since then the stock has rallied strongly and gained as much as 650%. But now we are seeing a sell-off and only time will tell if this is the end of the run for MMEDF.

The company is one of the biggest players in this space at this point and investors seem excited about its prospects.

That being said, it is necessary to note that it is unlikely that Mind Medicine is going to be profitable anytime soon. The company is looking to use contraband like LSD, MDMA, and psilocybin to create controllable medicines that can tackle chronic conditions like attention deficit disorder, anxiety, and opioid withdrawal among others.

Treatments for such conditions are already available in the market but many of those are not as effective. At this point, Mind Medicine has a bunch of products that are under development.

One of the more intriguing projects at Mind Medicine currently is ‘Project Lucy’ which relates to the possibility of using LSD to treat people who suffer from anxiety. The initial part of Phase 2 clinical trial into the product is being conducted in Switzerland and is expected to be concluded at some point in early 2021.

While the company does want to get the blessings of the United States Food and Drug Administration regarding these products, there are long-standing taboos about these substances.

However, giants like Johnson and Johnson have already started on this path with the launch of medicine development programs with substances like esketamine. At this point, the stock might seem like a gamble since regulatory clarity is not yet on the horizon.

However, Mind Medicine has applied for listing on NASDAQ, and on top of that, if the company’s plans do pan out then things might look quite different in 2021.

Latest article

Alibaba Group Holding Limited (OTCMKTS:BABAF) Big Volume with Possible 60% Upside

Alibaba Group Holding Limited (OTCMKTS:  BABAF) is an over the counter stock traded on the OTC Pink markets in the Consumer Discretionary...

Trans Global Group Inc (OTCMKTS:TGGI) Stock In Focus After Operational Updates

The Trans Global Group Inc (OTCMKTS:TGGI) stock may not have been in the news today yet but it...

Why Hycroft Mining (NASDAQ:HYMC) Stock Shot Up 700%

If you are on the hunt for stocks that may have made major gains over the course of the past week, then...

Secure Paymentz releases banking software demo on Github

This is a paid announcement from one of our advertising partners. How to Leverage Your Trading Position by Secure...

Advanced Asset Management Announces New Website Launch

This is a paid announcement from one of our advertising partners. Financial Planner in Grandville, Michigan
Şehirler arası nakliyat ve Şehirler arası taşımacılık konusunda en uygun fiyatlar ve en kaliteli hizmet.
ofis taşıma firmaları ve ofis taşıma konusunda en uygun fiyatlar ve en kaliteli hizmet.
SmsVerifyer.com Affordable best sms verification service