Mind Medicine Inc. (MNMD) Stock on a Consistent Rise, Here’s the Reason

Mind Medicine Inc. (MNMD), a biotech company, has surged 9.76% in aftermarket trading sessions and consequently is trading at $1.35 at the time of the writing. During Monday’s regular trading session, the stock soared by 9.82% and closed the day at $1.23. The consistent rise in the stock could be attributed to the resumption of trading by the company.

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Halting and Resumption of Trading

On Monday, the Investment Industry Regulatory Organization of Canada (IIROC) announced that Mind Medicine had halted trading, the reason being a single stock-circuit breaker. IIROC imposes trading halts on the companies for ensuring fairness and orderliness in the market. But later, IIROC announced the resumption of trading by the stock. As a result, the stock price of MNMD is seeing a consistent rise.

Clearance for MNMD IND Application

On 25th January, MNMD announced that the FDA has cleared the company’s Investigational New Drug (IND) application with regards to Phase 2b dose-optimization trial of MM-120. As a result, the company was allowed to proceed with the Phase 2b dose-optimization trials of MM-120. MM-120 is being used for the treatment of generalized anxiety disorder (GAD). The clinical hold on IND was lifted after the company hastily responded to the information about the participant monitoring protocol in the upcoming study.

Enrollment of First Participants

On 18th January, MNMD announced the enrollment of the first subjects into its Session Monitoring System (SMS-01) study. The study was meant to evaluate the passive collection of sensory data in a consciousness-altering therapeutic session. The company said that SMS-01 uses the company’s Session Monitoring System (MSMS). The Company believed the MSMS has some therapeutic applications in treating psychiatric disorders.

Future Outlook for MNMD

During the last three months, MNMD stock has declined more than 50%. However, the more recent stats are providing an optimistic picture for the stock. Looking ahead, the analysts believe that even though the stock holds several positive indicators at the time being, these are still not enough to make MNMD a buy candidate. Hence, investors should make an informed decision regarding their investments.

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