For almost three months MindMed (MMEDF) (MMED.NE) has been surging in several markets simultaneously on around 4 million shares amid evaluating microdoses of LSD in the treatment of adult ADHD. Recently, the company received approval for its protocol design for a Phase 2a clinical trial from Swiss and Dutch Health Authorities.
On Friday OTC: MMEDF rose 14.95% to $1.25 while Canadian MMED.NE went up 15.38% to 1.65 CAD making healthcare-focused traders happier at end of the trading week. Keeping the stock over $1 could be a smart move as long term traders may flock in soon by reading some positive updates from the company’s media.
Mindmed actually needs more time to prove it is on the right track in treating ADHD patients with high efficacy. Perhaps, after a successful clinical phase 2 trial, the shares will jump more than 300% due to massive orders for the cheap shares. In November MindMed shares will likely perform better than in October amid growing demand for biotech stocks available in any market.