Mydecine Innovations Group (MYCOF) Stock Sees Double-Digit Rally: What Next?

In recent times, the psychedelics based wellness space has garnered a lot of attention among investors and one of the companies that could be worth tracking at this point is that of Mydecine Innovations Group Inc (OTCMKTS:MYCOF).

Yesterday, the Mydecine stock was in the news after Roth Capital Partners started covering the stock and gave it a buy rating. The stock jumped by as much as 20% after investors piled on to its following the bullish call from the analysts at Roth Capital. In addition to that buy rating, the firm set the target price of the stock at $3 a share.

Roth Capital suggested that the smoking cessation therapies that from Mydecine have ‘blockbuster potential’ and that was one of the major factors behind the rating. In addition to that, in the note the firm stated that Mydecine is the first company which is trying to deploy unadulterated psilocybin from fungal mushrooms for not only the treatment of post traumatic stress disorder but also smoking cessation.

The note stated that the company is looking to complete the advanced clinical trials with regards to both these products over the course of the next 18 to 24 months. It might be a good time for investors to start tracking the stock.

Market Reaction:

On Tuesday, MYCOF stock jumped by 19.70% to $0.2844 with more than 1.40 million shares, compared to  its average volume of 691K shares. The stock has moved within a range of $ 0.2253 – 0.2884 after opening the trade at $0.2468. Over the past 52-week, the stock has been trading within a range of $0.1990 – 0.5200.

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