Mind Medicine (MindMed) Inc. (MNMD) Rebounds after Reaching its 52-week Low

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On January 13, Mind Medicine (MindMed) Inc. (MNMD) stock rebounded in the after-hours following its decline to its 52-week low.

During the regular trading session, MNMD stock suffered a loss of 5.79% at its close of $1.14. The stock recovered most of its losses in the after-hours as it gained 5.26%. Consequently, MNMD was trading at $1.20 per share in the after-hours with 16.66K shares exchanging.

The neuro-pharmaceutical company, Mind Medicine (MindMed) Inc. was founded in 2019 and is based in New York, NY. Currently, its 420.74 million outstanding shares trade with a market capitalization of $509.65 million.

What’s going on?

On January 13, the MNMD stock fell down to its new 52-week low of $1.12 at a volume of 2.93 million shares. The big dip in the stock might have been taken as a good buying opportunity by investors. Hence, the stock made a comeback in the after-hours session, recovering most of its losses of the day.

Reviewing the stock movements, MNMD has decreased by 8.80% in the past five days alone. Also, the stock has lost over 30.9% last month and 63.52% last year. Currently, the stock stands at a loss of 17.39% year to date.

What happened before?

On January 07, the company announced that Stephen Hurts has resigned from his role as a Director of its Board. While the CEO of MNMD, Robert Barrow thanked him for his contributions, Mr. Hurst shared his positive hope for the company’s future. He shared his confidence in the company’s team for continued progress towards its goal.

MNMD’s 18-MC

The company was conducting its Phase 1 clinical trial of 18-MC for treatment linked to opioid use disorder. Further, the trial evaluated the safety, tolerability, and pharmacokinetics along with effects on the cognitive activity of 18-MC in healthy volunteers.

18-MC is MNMD’s non-hallucinogenic proprietary derivative of ibogaine.

On January 04, the company announced the completion of the trial and expects topline results in early 2022. In addition, the company also expects to commence a Phase2a proof-of-concept study in early 2022, in people undergoing opioid withdrawal.

MNMD’s Q3 Financial Highlights

In the third quarter of 2021, the company suffered from a net and comprehensive loss of $24.3 million and $74.6 million, respectively. Comparatively, in the third quarter of 2020, the same were $8.6 and $21.4 million, respectively.

MNMD ended the quarter with total assets of $178.6 million including cash of $145.9 million.

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