MindMed (MNMD) & Empower (CBDT): Healthcare Stocks Under C$5 To Buy

Summary

  • As the pandemic continues, market experts believe that this sector is likely to continue witnessing an uptrend this year.
  • On Thursday, May 20, MNMD stock soared by 10.5 per cent during the trading session to close at US$ 3.80.
  • Empower shares jumped five per cent on Thursday and closed at C$ 0.59 apiece.

After the coronavirus pandemic hit the world, the healthcare sector witnessed a boom and drew the attention of equity investors. As the pandemic continues, market experts believe that this sector is likely to continue witnessing an uptrend this year.

With that in mind, let’s look into two healthcare stocks, Mind Medicine Inc (NASDAQ:MNMD, MNMD:US) and Empower Clinics Inc (CSE:CBDT), that you should add to your watchlist.

Mind Medicine Inc (NASDAQ:MNMD, MNMD:US)

The psychedelic medicine company is involved in developing medicines and therapies for people suffering from mental disorders or battling addiction.

On Thursday, May 20, MNMD stock soared by 10.5 per cent during the trading session to close at US$ 3.80.

The spike came after Mind Medicine announced the approval of its mescaline (a hallucinogenic drug) study. A Swiss Ethics Committee approved the first clinical trial evaluating the effects of different doses of the hallucinogenic drug.

In the past year, the stock recorded a growth of about 764 per cent. Outperforming the S&P Pharmaceuticals Sector, MNMD scrip grew by 24.6 per cent year-to-date (YTD).

In Q1 2021, Mind Medicine's total assets were valued at US$ 201 million (as of March 31, 2021). Its market cap is C$ 1.3 billion, as per TMX.

1-year chart of stock performance, volume and moving average exponential of Mind Medicine (Source: Refinitiv)

Empower Clinics Inc (CSE:CBDT)

The integrated healthcare company runs a leading diagnostics laboratory processing COVID-19 specimen and developing at-home testing kits. Empower Clinics has announced that its At-Home Saliva COVID-19 RT-PCR Test will be available on Air Canada's website for passengers to purchase.

Empower shares jumped five per cent on Thursday and closed at C$ 0.59 apiece. On February 22, 2021, the stock clocked a 52-week high of C$ 2.5.

1-year chart of stock performance, volume and moving average exponential of Empower Clinics (Source: Refinitiv)

Empower stock swelled by 594 per cent in the past six months and its one-year growth 743 per cent.

In Q1 2021, the company’s patient count increased by 460 per cent year-over-year (YoY) to 26,317 patients.

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.

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