Psychedelic-based medicine manufacturer Mind Medicine Inc. (NASDAQ:MNMD) (MMED.NE) has come into sharp focus among investors this morning and jumped by 6% already.
The rally was triggered by announcement from the company announced the launch of a new project named Project Angie, which is aimed at advancing the use of psychedelics like LSD in treating pain conditions. It should be noted that at this point in time, the company is currently working on two products with the aim of managing pain.
However, before starting the project, the company is going to conduct a study into the effectiveness of LSD in treating conditions of severe pain. This trajectory from Mind Medicine is understandable considering the fact that there is a large portion of the population in the United States that now suffers from chronic pain. By 2030, the worldwide market for analgesics is poised to hit $31 billion. Mind Medicine aims to become a player in that industry.
After soaring 170% in 3 sessions before listing on Nasdaq, MNMD stock has lost its momentum in the past week. Nevertheless, the stock is still up 60% since the announcement of listing the Nasdaq.
Moreover, MNMD stock is stable above its 50-Day moving average of $2.95- which could act as key support.
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