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Summary
- Stocks of BioCardia Inc shot up nearly 59 per cent on Monday, December 14.
- The jump in its stock price came after BioCardia announced that it is expecting feedback results for its pivotal latest trial.
- Stocks of Mind Medicine (MindMed) Inc skyrocketed by over 173 in December so far.
- The neuro-pharmaceutical company is reportedly planning to move its stocks to the Nasdaq Stock Exchange.
Most health care stocks enjoyed quite a bit of a boost following the advancement in the COVID-19 vaccines around early November. Some of these companies, however, have made headways in their own projects, leading to a jump in their prices on the stock markets. As we entered the third week of December, stocks of medicine companies such as BioCardia Inc (NASDAQ: BCDA, BCDA:US) and Mind Medicine (MindMed) Inc (OTCQB: MMEDF, MMEDF:US) popped up on the trending stock lists.
Let us take you through a detailed analysis of these two rallying health stocks to help you understand their profiles and recent performances better.
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BioCardia Inc (NASDAQ:BCDA)
Current Stock Price: US$ 4.48
Stocks of BioCardia Inc shot up nearly 59 per cent on Monday, December 14. The jump in its stock price came after the company announced that it is expecting feedback results for its pivotal latest trial.
BioCardia said that the data safety monitoring board (DSMB) is likely to provide a verbal feedback on the interim data from its Phase 3 CardiAMP Heart Failure Trial on Tuesday, December 15.
The California-based company is likely to publish a synopsis of the interim stats before the markets open on Thursday.
The health care stock climbed nearly 22 per cent this year and about 30 per cent in the last six months.
BioCardia Inc, which develops regenerative biologic therapies for various cardiovascular diseases, currently records a market cap of US$ 55.68 million.
Mind Medicine (MindMed) Inc (OTCQB: MMEDF)
Current Stock Price: US$ 4.37
Stocks of Mind Medicine (MindMed) Inc skyrocketed by over 173 in December so far. The shares have ballooned by over 7,700 per cent this year. As per the data available on the TMX Group portal, an average of nearly 11 million Mind Medicine shares have changed hands in the last 10 days.
MindMed, which focuses on the discovery and development of psychedelic medicine, announced a $50 million bought deal public offering on Monday. The neuro-pharmaceutical company is reportedly planning to move its stocks to the Nasdaq Stock Exchange.
It also announced on Monday that it has “successfully” completed a meeting with the US Food and Drug Administration (FDA) to initiate its Investigational New Drug (IND) for LSD assisted therapy in anxiety
MindMed plans to start the IND in August next year with a Phase 2b clinical trial of the therapy named ‘Project Lucy’.
The company incurred a net and comprehensive loss of US$ 8.6 million in the third quarter ending 30 September 2020. Its total assets as of September-end amounted to US$ 23.7 million. Following a financing in October 2020, its cash reserves totaled to US$ 37.8 million.
