Mind Medicine (MindMed) Inc (NASDAQ: MNMD) received multiple social media comments congratulating the company on its upcoming NASDAQ Biotechnology Index (INDEXNASDAQ: NBI) listing this week. This will occur on Dec. 23.
The index has stringent criteria that companies must meet to qualify. They need to have a minimum market cap of US$200 million, be exclusively listed on the Nasdaq Exchange and be financially secure with an acceptable average daily trading volume.
This index has had significant growth in recent years as the global biotechnology sector continues to expand. It gets reviewed quarterly to ensure that companies are maintaining the right requirements.
“The addition to the NBI further validates our potential in delivering long-term value to shareholders as we progress our pipeline and aim to deliver transformational innovation for people living with brain health disorders,” chief executive, Rob Barrow, said in a statement.
Many exchange traded funds, such as the iShares Biotechnology ETF (NASDAQ: IBB) and Invesco Nasdaq Biotechnology ETF (NASDAQ: IBBQ), keep close tabs on the index’s performance.
“For a clinical-stage biotech focused on innovative treatments for brain health disorders, landing on the NBI is a high-profile nod from the market,” The Dales Report said in its recent newsletter. “This milestone suggests MindMed might be more than just another biotech hopeful—it could be a contender ready to deliver tangible returns and genuine innovation for patients who need it most.”
Ninety-eight per cent of American biotech companies list their shares on the Nasdaq.
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MindMed doses first patient in Phase III study on lead drug candidate
The company’s 52-week “Voyage” trial is now underway, which is assessing the orally administered LSD-like drug: MM120. It is MindMed’s flagship pipeline item.
This therapeutic received Breakthrough Therapy status from the FDA earlier this year for its promise in treating generalized anxiety disorder. MindMed has been examining its potential for the treatment of major depressive disorder too.
“We need a new paradigm in mental health treatment, and I predict that in the next 3-5 years we will see companies like this bring these critical medicines into the mainstream,” Michael Lesnik, sales manager at the Florida IT services company Aptarro, commented on LinkedIn when the achievement was announced this week. “Keep your eyes on the prize MNMD!!”
Nine financial firms have given MindMed a Buy rating with a high average share target of US$26.75, according to MarketBeat. One financial outfit, Wellington Management Group LLP, recently increased its stake more than two-fold by purchasing an additional 109,000 shares.
Those who bought MindMed stock over the past year have been seeing favourable returns.
Six month charts for $CYBN $CMPS $MNMD $ATAI. Mindmed is such a beautiful chart. pic.twitter.com/PeDBEKEQLi
— Shroom Boom (@shroomboom1000) April 4, 2024
rowan@mugglehead.com
