Last November, Oregon legalized psychedelic mushrooms, which made some traders in the market think twice. The potential for decriminalizing psychedelic drugs in the United States is definitely on the upside for Medicine of the mind (NASDAQ :MNMD) and could propel the stock of MNMD higher.
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If you are looking to take advantage of the burgeoning “mushroom boom”, Mind Medicine is one of the most promising companies to invest in this niche market.
Some traders might be concerned about the sharp rally in MNMD shares in late 2020. They may feel like the train has already left the station, so to speak.
To that, I would answer that there is still a great opportunity with Mind Medicine. And, as we’ll see, the company isn’t just focusing on “mushrooms” as there are other avenues to explore in psychedelic medicine.
MNMD Stock at a glance
Would you believe MNMD stock was trading below 50 cents in September 2020? It really was a penny stock – but it was about to embark on a wild ride.
The bulls completely took over in November and December, taking Mind Medicine shares to over $ 4.
Then the stock shook and wobbled for a while. Another rapid rally occurred in April 2021 as the stock price hit a 52-week high of $ 5.77.
As of June 29, MNMD stock was trading near $ 3.60 – much higher than a year ago, but still below the peak price.
The $ 5 and $ 6 levels will be critical in the short term. Over the next few months, traders should watch closely and see how the stock behaves at these price points.
Discussion with the FDA
Getting a drug approved by the United States Food and Drug Administration (FDA) is not an easy process. It can take years, which means investors sometimes have to be very patient.
There has been an encouraging development, however, as Mind Medicine recently announced that it is having a productive discussion with the FDA.
Specifically, Mind Medicine received responses at FDA Type C meetings, which led to the finalization of the company’s clinical development approach for Project Lucy by selecting Generalized Anxiety Disorder as the initial indication. .
The Lucy Project involves a trial of psychedelic-assisted therapy for the treatment of anxiety disorders.
Currently, Mind Medicine is about to officially submit its Investigational New Drug Application (IND) for Project Lucy in the third quarter of 2021. The company also plans to launch the Phase 2b clinical trial of Project Lucy in the fourth quarter of 2021.
So it is clear that Mind Medicine does not focus exclusively on psilocybin (mushrooms).
A powerful effect
Project Lucy will assess improvements in anxiety symptoms following the administration of LSD – and it appears the FDA is at least willing to discuss the possibility of moving forward with Project Lucy.
Meanwhile, Mind Medicine is also exploring the healing potential of mescaline.
A local Swiss ethics committee has reportedly approved a clinical trial evaluating the acute effects of different doses of mescaline and the role of the serotonin 5-HT2A receptor in altered states of consciousness induced by mescaline.
The study will examine whether the acute psychoactive effects of mescaline in humans are mediated by 5-HT2A receptors.
“We believe the drug will have a powerful effect on improving communication between different parts of the brain in a unique way that would otherwise be inaccessible to the conscious mind,” said Mind Medicine President Miri Halperin Wernli.
You could say that there is a lack of in-depth studies on the medicinal effects of mescaline.
Mind Medicine is taking bold steps to address this issue. It will be exciting to see the results of Project Lucy and the new mescaline clinical trial.
Takeaway meals
Full, global approval of these drugs will not happen overnight. For the moment, everything revolves around small steps.
These stages are likely to accelerate, however, as long as Mind Medicine continues to pursue innovative sciences.
And it is bullish for the MNMD share, which has a significantly higher margin of progression.
As of the publication date, neither Louis Navellier nor the InvestorPlace research staff member primarily responsible for this article held (directly or indirectly) positions in the securities mentioned in this article.
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