Within the past 24 hours, Mind Medicine’s (MMED) share price has ripped through it’s previous all-time high of $1.12. The company now has a market capitalization of more than $360M.
The stock is currently up 222.5% since it’s first day of trading on March 3, 2020.
MindMed has had a slew of positive news in recent weeks, all resulting in material change in the company’s stock price.
In August 2020, MindMed reported their Q2 2020 results showing a $24 million cash position to spend on further psychedelic research.
Examples of this research include the recently reported partnership with Liechti Lab (University Hospital Basel) “to better understand and compare the altered states of consciousness induced by psilocybin and LSD” as well as with the NYU Langone Medical Center to “found and launch a clinical training program focused on psychedelic assisted therapies and psychedelic inspired medicines”.
Investors should note though that Q2 net losses due to research were $5.8 million – a figure that is presumably growing.
A listing on the NASDAQ would provide US based investors much more opportunity to gain exposure to the psychedelics market beyond the recent Compass Pathways IPO.
Lastly, an interview with CEO, JR Rahn was published in the New Yorker on October 5, 2020 giving MindMed exposure to a largely affluent and open-minded audience.
We can confidently say that there is not another psychedelics company with as good of public relations as MindMed. That, plus their continuous push on research is leading to a great outcome for early investors.