Why Shares of MindMed Dropped 13% in May
Shares of the aspiring psychedelic therapy maker Mind Medicine (NASDAQ: MNMD) slipped 13% last month, according to data provided by S&P Global Market Intelligence. Given that there wasn't any bad news or a negative reaction to its first-quarter earnings report in the middle of the month, it's likely that the drop was caused by the stock cooling off from its energetic debut on the Nasdaq Stock Market in late April.
Mind Medicine is one of just a few publicly traded companies that are pioneering the use of carefully controlled psychedelic chemicals to treat mental illnesses. Its current projects include a pair of phase 2 clinical trials examining the efficacy of drugs like LSD on conditions like anxiety and adult attention deficit hyperactivity disorder (ADHD). Whereas in the past such research might have been heavily restricted, consistently positive results from preliminary investigations are leading to a growing acceptance of the merit of these therapies.
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Source Fool.com
