A company that we have continued to highlight and pound the table on in 2023 is now up ~125% year-to-date, and up 16% today alone. That company is Mind Medicine (Nasdaq:MNMD), and it is notable that MNMD has now separated itself from the rest of the medical psychedelics sector with its recent share price ascent. We were not the only ones to see this upside potential.
The breakout move in the last week has nearly achieved the measured move price target from the multi-month symmetrical triangle. However, there remains a significant open gap in the chart dating to last October slightly above $6 (red dotted line below).
Taking profits is certainly a prudent thing to do after such a large move in a relatively short period of time. However, it must be said that MNMD has spent the last nine months building out a broad base. There is a saying among technicians that says "The bigger the base, the higher into space."
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 company believes that symptom management is unacceptable, and patients deserve treatments that put an end to their mental afflictions. To this end, MindMed has formed a network of partnerships to aggregate patient data to drive insights and develop breakthrough therapies in the quickly evolving industry of mental wellness. MindMed is focused on delivering immediate impact through comprehensive, holistic treatment programs and integrated tool sets that empower therapists to focus on what they do best: reveal the subconscious traumas that underlie mental illnesses with the aid of “experiential” (aka “hallucinogenic”) doses of psychedelics and employ cognitive behavioral therapies patients’ thought patterns.
Author owns shares of MindMed at the time of publishing and may choose to buy or sell at any time without notice.
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