© Reuters. Is MindMed a Good Psychedelic Stock to Buy?
A clinical-stage psychedelic medicine biotech company, Mind Medicine Inc. (MMEDF), has benefited from growing demand for therapies for people with mental disorders. However, several headwinds related to FDA approval and uncertainties surrounding its commercialization prospects could lead to a stock-price retreat. So, let’s take a closer look at this name.A leading psychedelic medicine biotech company, Mind Medicine (MindMed) Inc. (MMEDF) is assembling a drug development pipeline of innovative treatments based on psychedelic substances, such as LSD, MDMA, DMT, and an Ibogaine derivative—18-MC. The company trades on NASDAQ, under the symbol MNMD.
MMEDF’s stock has gained 31.8% year-to-date on the back of growing acceptance of psychedelic drugs for treating mental disorders.
However, none of its major projects has yet generated revenue or profit. And given that MMEDF is still in the early stages of its lifecycle, we think the stock could be a risky buy currently.
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