Aug 29, 2023

One Of MedicalGold's Biggest Winners In 2023 Is Setting Up For Its Next Upside Move

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MindMed (Nasdaq: MNMD) (NEO: MMED) (DE: MMQ) (the “Company”) is an industry-leading biotech company engineering psychedelic-inspired therapies. The company is developing a combinatorial approach to treating mental illnesses with hallucinogenic (e.g., LSD) and non-hallucinogenic (aka “microdosing”) therapies in clinical settings. MindMed's core philosophy is that a coordinated effort between therapists, drug developers, and patients is needed to develop personalized, precision treatments on a patient-by-patient basis.

The current MNMD chart setup is compelling:

MNMD shares are consolidating near former resistance at $3.80 - a bullish falling wedge has formed since MNMD peaked at $5.00 on August 1st. We view the 23% decline during August as presenting a strong buying opportunity ahead of a busy final four months of 2023 for MindMed.

Key Fundamental Factors/Catalysts:

  • As of MNMD's latest earnings report the company had $116 million in cash and cash equivalents - cash runway to first half of 2025.
  • Phase 2b study evaluating MM-120 for generalized anxiety disorder (GAD) remains on track for topline readout in Q4 2023.
  • Phase 2a study evaluating MM-120 for attention deficit hyperactivity disorder (ADHD) continues to advance toward a topline readout in Q4 2023.
  • The Company plans to initiate its first clinical trial of MM-402  (R-MDMA) for autism spectrum disorder (ASD) in Q4 2023.
  • MindMed's management team will participate in two investment conferences in September:  H.C. Wainwright Annual Global Investment Conference ( September 11-13, 2023) and  Cantor Global Healthcare Conference ( September 26-28, 2023).

Meanwhile, the medical psychedelics sector is maturing and experiencing consolidation as evidenced by yesterday's news of Cybin's plans to acquire Small Pharma. Full FDA approval of MDMA for PTSD in the first half of 2024 also stands to greatly benefit the sector, both in terms of greater investor awareness and clinical adoption of psychedelic therapies.

Traders can implement a ~10% stop loss from the $3.85 entry price (200-day moving average is a useful guidepost), while targeting a new 2023 high above $5.00 per share.


Author owns shares of MindMed at the time of publishing and may choose to buy or sell at any time without notice.


The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource and biotechnology companies can easily lose 100% of their value so read company profiles on for important risk disclosures. It’s your money and your responsibility.