MNMD Stock: The FDA Go-Ahead That Has MindMed Investors Feeling Euphoric Today

MindMed (NASDAQ:MNMD) stock is getting a buzz today thanks to approval from the U.S. Food and Drug Administration (FDA).

a person taking a pill surrounded by lights representing MNMD stock.

Source: luckakcul / Shutterstock.com

The FDA is allowing MindMed to move forward with a clinical trial of MM-120. This is the company’s treatment for generalized anxiety disorder. The Phase 2b trial evaluating dose-optimization for the treatment is set to start in early 2022.

This clinical trial seeks to enroll a total of 200 participants. It will split these into those that will get an up to 200 µg dose of MM-120 or placebo. It seeks to determine the reduction in anxiety symptoms for up to 12 weeks after a single dose of MM-120.

Robert Barrow, director and CEO of MindMed, said the following about the FDA news boosting MNMD shares higher today.

“This trial, the first commercial study of LSD in more than 40 years, builds on productive discussions with FDA and provides an opportunity to explore improvements in anxiety symptoms following a single administration of MM-120. Further, the results of this trial will guide the dose selection and development strategy for our pivotal Phase 3 clinical trials, as well as deepen our scientific understanding of the clinical effects of MM-120 and its underlying mechanisms of action.”

MNMD is seeing heavy trading today on the FDA news. As of this writing, more than 12 million shares of the company’s stock have changed hands. That’s quite the jump from its daily average trading volume of about 4.3 million shares.

MNMD stock is up 14.7% as of Tuesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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