On January 21, Mind Medicine (MindMed) Inc. (MNMD) stock rebounded in the after-hours to gain 10.29%. Previously, the stock was bearish in the regular trading session.
MNMD closed the regular session with a loss of 8.44% at $0.9339 on Friday. Soon the stock saw a reversal as it entered the after-hours session. Hence, the stock was trading at $1.0300 per share in the after hours.
More about MNMD and its Movement
Founded in 2019, Mind Medicine (MindMed) Inc. is a neuro-pharmaceutical company. This New York-based company has a market capitalization of $393.36 million. Its 420.74 million outstanding shares have decreased by 16.62% in the past five days while losing 32.33% year to date. Moreover, MNMD stock subtracted a value of 74.27% last year.
On Friday, the stock fell down to its 52-week low of $0.9267. As, there is no official news, new SEC filings, or upcoming events, its downfall might be the reason for the comeback. It seems like the 52-week low presented a good buying opportunity for investors as MNMD made a comeback in the after-hours. Thus, the stock recovered a little more than what it lost during regular trading on Friday. Only the opening of the next market session will tell if the stock will continue to rise or fall once again.
Session Monitoring System (SMS-01) Study
On January 18, the company announced the enrollment of the first subjects in its SMS-01 study. Which is assessing a passive collection of sensory data during a consciousness-altering therapeutic session. Further, SMS-01 uses the company’s Session Monitoring System (MSMS), believed to possibly have therapeutic application in psychiatric disorder treatment.
Recently, MNMD met FDA’s Center for Devices, Radiological Health (CDRH) and Center for Drug Evaluation and Research (CDER). Furthermore, the purpose of the meeting was devices Indications for Use (IFU) statement review along with study design and facilitation through the regulatory submission process. CDRH and CDER gave positive feedback to the company and supported its planned development strategy.
MSMS
MindMed Session Monitoring Systems (MSMS) is a technological platform for the development and implementation of a suite of products. The products may include consciousness-altering medications among others for use by clinicians and patients during treatment sessions.
MNMD’s Financial Highlights
In the third quarter of 2021, the company had a net and comprehensive loss of $24.3 million, against $8.6 million in Q3 of 2020.
Additionally, MNMD had total assets of $178.6 million at the end of the quarter.
