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Why Mind Medicine Stock Triumphed on Tuesday

TheMotleyFool

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Why Mind Medicine Stock Triumphed on Tuesday: https://g.foolcdn.com/editorial/images/703618/two-people-seated-at-a-lab-desk-featuring-a-pc-screen-and-microscope.jpg

A volatile stock even by the standards of the ever-seesawing biotech sector, Mind Medicine (NASDAQ: MNMD) -- also known as MindMed -- had a good session on the market Tuesday. On some good news from the lab, the clinical-stage company's stock rocketed to a nearly 6% gain on the day.

MindMed, which aims to use psychedelic compounds to treat brain disorders, said it has launched a phase 1 clinical trial to gauge the effects of MDMA on healthy human volunteers.

Used as an illegal drug, MDMA stimulates the central nervous system of the user to produce pleasant effects on the user. The tablet form of the drug is better known by its nickname, ecstasy.

Source Fool.com

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