Mydecine Innovations Group (MYCOF) Stock Gains Further Momentum: How to Trade Now?

If you are currently looking into plays in the biopharma and the life sciences space, then it might be a good move to start looking into the Mydecine Innovations Group (OTCMKTS:MYCOF) stock.

The company, which is involved in the psychedelics based medicine space, announced last week that smoking cessation and substance use have been identified as the initial targets for its psychedelic molecule product MYCO 004. It was a major announcement from the company and hence, it was no surprise that the stock came into sharp focus. This past Friday the Mydecine stock soared by as much as 18% and took its gains for the whole week to 35%.

Considering the impressive gains made by the stock, it is highly likely that it is going to come into focus among many investors this morning. The product in question is actually a tryptamine compound and is supposed to be delivered to people by way of a patch.

Some of the important aspects of the product include long term stability, precision of the dosing and short duration of usage. The company chose these two indications since it believes that these are two markets that are currently underserved. Investors could consider keeping an eye on the stock this morning.

Market Reaction:

On Friday, MYCOF stock went up 18.82% to $0.3378 with more than 2.57 million shares, compared to  its average volume of 733k shares. The stock has moved within a range of $0.3086 – 0.3600 after opening the trade at $0.3086. Over the past 52-week, the stock has been trading within a range of $0.1990 – 0.5200.

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