Mind Medicine (NASDAQ:MNMD) is one of the leading players in the psychedelic drugs market, expected to reach $10.8 billion by 2027. The biotech company is in the initial stages of developing multiple psychedelic drugs that could hit the market soon. The concern for investors is whether to take a chance with stock without any revenue and lots of risks.
Currently, the company is developing drugs for addiction, depression, anxiety, and ADHD treatment, high potential markets. For instance, the depression market is estimated to be worth $9.6 billion, while the ADHD market is worth $9.5 billion. In addition, MindMed has several ongoing clinical trials that include Project Lucy, an LSD investigational therapy in Phase 2b.
In the coming months, MNMD is a stock to watch in the psychedelic sector. The company is working on intellectual property and patents such as the LSD neutralizer that will stop the hallucinogenic effect in 30 minutes. This could benefit the experience of patients while emphasizing medical benefits.
On Wednesday, MNMD stock fell 4.17% to $3.45 with more than 12.23 million shares, compared to its average volume of 10.56 million shares. The stock has moved within a range of $3.4100 – 3.6600 after opening the trade at $3.61. Over the past 52-week, the stock has been trading within a range of $0.3000 – 5.7700.