HomeFinancial MarketsPenny StocksIs this what caused MindMed (OTC: MMEDF) stock to decline during the...

Is this what caused MindMed (OTC: MMEDF) stock to decline during the last trading day of the previous week

MindMed (OTC: MMEDF), the stock closed down -0.30%  from the previous close to $3.63 Friday, despite no news on the day.MindMed is a psychedelic medicine biotech company that discovers, develops, and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company has a market capitalization of 1,200,150,931, and it has traded on average of 7,355,902 shares per day during the last 30-days period.

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On January 20, 2021, the company engaged in the first-ever clinical trial to measure and evaluate how much MDMA and LSD are in the human body when taken together. The University Hospital Basel Liechti Laboratory in Basel, Switzerland, will conduct the trial.

MDMA is reported to produce positive subjective effects when combined with LSD, including increased positive mood and empathy, and also to reduce the negative emotions and anxiety that are sometimes associated with LSD.

MindMed is conducting Phase 1 clinical trials to determine if MDMA, when used in combination with LSD, can diminish some of the unpleasant adverse effects known to occur from LSD in clinical settings or during therapy. With MindMed expanding both its R&D and commercial drug development pipeline, MindMed is looking to understand whether it is possible to combine MDMA and LSD in a way that enhances patient wellbeing, and develops more advanced psychedelic-assisted therapies. An estimated one year is needed to complete this study.

Phase 1, a double-blind, placebo-controlled crossover design trial, which was initiated this week, assesses subjective and autonomic effects to determine the qualitative emotional differences between the combined MDMA and LSD experience, against the pure LSD experience, and a placebo.

LSD has been demonstrated to dissolving egos in other Phase 1 clinical trials, leading to neuroplasticity and ego dissolution. It is thought that these properties of LSD provide therapeutic benefits for patients with mental disorders. Occasionally the therapy can cause unwanted effects, causing heightened anxiety in the subject.

In case the Phase 1 trial results are confirmed to be promising, MindMed will work with leading clinicians to conduct patient studies with treatments combining MDMA and LSD for various possible indications and mental disorders. MindMed has recently completed a capital raise totaling CAD 237.2 million (USD $183.8 million) and has added Robert Barrow as Chief Development Officer, which positions MindMed to capitalize on breakthrough research like this.

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Conclusion:

There were no significant filings or news released last week, so it will be interesting to see how this week plays out for the pot penny stock. It seems it is most likely a result of skittish investors playing with the stock price.

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