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Why Is Mind Medicine (MNMD) Stock Up 26% Today?


  • Mind Medicine (MNMD) stock is climbing higher on clinical trial data.
  • The company saw positive results from using lysergide (LSD) to treat major depressive disorder (MDD).
  • This has heavy trading sending shares of MNMD stock higher this morning.
MNMD Stock - Why Is Mind Medicine (MNMD) Stock Up 26% Today?

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Mind Medicine (NASDAQ:MNMD) stock is on the rise Friday after releasing positive results from a Phase 2 clinical trial.

That clinical trial saw the company testing the effectiveness of treating MDD with LSD. The company says it saw “significant, rapid, durable and beneficial effects” when using lysergide to treat major depressive disorder.

To go along with that, Mind Medicine mentions that secondary results from the clinical trial were also encouraging. Additionally, lysergide was well tolerated by patients taking part in the clinical trial.

Robert Barrow, Director and CEO of Mind Medicine, said the following about the news:

“The statistically and clinically significant improvements observed in this study reinforce preliminary findings that have shown the clinical potential of lysergide in anxiety, depression and other brain health disorders. These positive findings are particularly relevant to our MM-120 program in generalized anxiety disorder, given the high degree of comorbidity of GAD and MDD.”

How This Affects MNMD Stock

Investors are reacting well to the latest clinical trial results from Mind Medicine. As a result, heavy trading of MNMD stock is pushing shares higher today. This has some 662,000 shares on the move as of this writing. For comparison, the company’s daily average trading volume is about 455,000 shares.

MNMD stock is up 25.8% as of Friday morning.

Investors can find more of the latest stock market news below!

We’ve got all of the hottest stock market news for Friday! Among that is what has shares of National CineMedia (NASDAQ:NCMI), Pear Therapeutics (NASDAQ:PEAR) and Petros Pharmaceuticals (NASDAQ:PTPI) stock moving today. You can find out more on these matters at the following links!

More Friday Stock Market News

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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/2023/04/why-is-mind-medicine-mnmd-stock-up-26-today/.

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