MindMed (MNMD) Stock Is Up on Psychedelics News

  • MindMed (MNMD) stock is climbing higher today on positive clinical trial data.
  • The data comes from the company’s LSD treatment for anxiety disorders.
  • MindMed is seeing promising results from the ongoing trial.
Dried psilocybe cubensis psilocybin magic mushrooms inside and around a plastic prescription medicine bottle with no lid isolated on white background, Mind Medicine is in the psychedelic medicine business representing MNMD Stock.

Source: Daniel Patrick Martin / Shutterstock.com

MindMed (NASDAQ:MNMD) stock is on the move Wednesday following positive data from a Phase II clinical trial of MM-120.

MM-120 is an LSD treatment in development for patients suffering from anxiety disorders. The latest trial data today is for its use in treating patients with Generalized Anxiety Disorder (GAD).

Results from an ongoing Phase II clinical trial of MM-120 were published in peer-reviewed scientific journal Biological Psychiatry. The data expands on what was presented at the PSYCH Symposium event earlier this year.

The Phase II clinical trial has MindMed giving patients a single dose of MM-120 to treat anxiety symptoms. The primary endpoint is seeing the effects of this single dose four weeks after administration. Secondary endpoints include effects after 12 weeks, as well as safety and tolerability.

Rob Barrow, CEO and Director of MindMed, said the following in a news release:

‘This paper further reinforces the positive preliminary evidence for LSD in patients who suffer from anxiety disorders. Acute administration of LSD produced long-lasting and notable reductions of anxiety and comorbid depression symptoms for up to 16 weeks.”

MNMD is seeing decent trading with more than 600,000 shares on the move as of this writing. That’s quickly approaching the company’s daily average trading volume of about 773,000 shares.

MNMD stock is up 2.3% as of Thursday morning but down about 62% since the start of the year.

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On the date of publication, William White did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/09/mindmed-mnmd-stock-is-up-on-psychedelics-news/.

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