MindMed (NASDAQ:MNMD) stock is on the rise Thursday after the clinical-stage biopharmaceutical company received breakthrough therapy designation from the U.S. Food and Drug Administration (FDA).
This designation covers the company’s MM120 program in development to treat generalized anxiety disorder. This comes after MindMed reported that its Phase 2b clinical trial of the treatment met its primary endpoint.
With this designation, MindMed is planning a meeting with the FDA to go over the results of its Phase 2b trial. The company is also planning for a Phase 3 clinical trial of the drug in the second half of the year.
MindMed CEO Robert Barrow said this about the FDA designation:
“The FDA’s decision to designate MM120 as a breakthrough therapy for GAD and the durability data from our Phase 2b study provide further validation of the important potential role this treatment can play in addressing the huge unmet need among individuals living with GAD.”
MNMD Stock Reaction Today
News of the clinical trial results and FDA designation are putting extra eyes on MindMed today. That has resulted in heavy trading of MNMD stock this morning. As of this writing, more than 2.6 million shares have changed hands. To put that in perspective, its daily average trading volume is about 789,000 shares.
MNMD stock is up 32.2% as of Thursday morning and up 118.2% since the start of the year.
Investors can check out even more of the latest stock market happenings below!
We’re offering insight into all of the biggest stock market stories worth reading about on Thursday! Among that is what’s going on with shares of Palantir (NYSE:PLTR) stock, Novo Nordisk (NYSE:NVO) stock and Avid Bioservices (NASDAQ:CDMO) stock today. All of that info is ready to go at the following links!
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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.
