Why Mind Medicine Stock Crushed the Market on Friday

A unique stock even among the many distinctive titles that make up the biotech sector, Mind Medicine (NASDAQ: MNMD) reported its second-quarter results after market hours on Thursday. This followed the publication earlier that day of a "value enhancement plan" from a onetime top official at the company. Combined, these two events pushed the specialty clinical-stage company's share price nearly 12% higher on Friday.

For the quarter, Mind Medicine -- which is still in a pre-revenue stage -- managed to trim its expenses considerably, which certainly helped with investor sentiment on the stock. It booked just shy of $17 million in operating expenses. Thanks to a nearly $30 million decline in general and administrative costs, these expenses were well down from the Q2 2021 level of over $45 million. The company's net loss for both periods was roughly around those amounts.

In per-share terms, Mind Medicine's bottom-line shortfall was $0.04, slightly better than the average $0.05 deficit estimated by the few analysts tracking the stock.

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Source Fool.com