The psychedelics-based medicine space has attracted considerable attention from investors in recent times and one of the leading operators in that industry is Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (MMED.NE).
The company is engaged in building a pipeline of psychedelic substance-based products that are meant to treat mental health issues.
The stock, which recently started trading on NASDAQ, has managed to record gains of 31.8%. Much of the rally in the stock has been brought about by increasing acceptance with regards to the use of psychedelics based treatments.
That being said, it is also important to point out that Mind Medicine does not generate any revenue as of now. In addition to that, investors who might be considering the stock should also need to remember that the company is still at the nascent stages of development. Hence, the risks associated with Mind Medicine are far higher as well. At this point, investors could consider keeping it on their watch lists.
MNMD stock is down another 6% at $4.06 this morning. The stock has lost almost 30% since hitting a new high of $5.77 this Tuesday. Nevertheless, the stock is still up 90% since last Friday.
Finance and Tech Contributor