Whats Driving Psychedelic Stock Mydecine (MYCO, MYCOF) $3 Analyst Target?

Mydecine Innovations Group Inc (NEO:MYCO, OTCMKTS:MYCOF) is an emerging biotech company dedicated to developing treatments for mental health problems. The company’s medical and scientific advisory board is building out a pipeline of psychedelic-assisted therapeutics and a variety of novel compounds. Mydecine’s primary focus currently is with its phase 2a clinical study utilizing psilocybin-assisted therapy for PTSD. Roth Capital Partners initiated coverage of Mydecine with a buy rating and $3/share price target.

Mydecine, like the entire psychedelic industry, is in the development stage in commercializing treatments and therefore doesn’t have sales hitting the income statement. To offset that, however, Mydecine owns a digital health platform called MindLeap Health which uses a subscription model to access “the world’s first community platform for psychedelics & inner wellness.”. MindLeap has a digital library of audio programs developed by experienced professionals in their field to help people learn about and improve specific areas of mental health and well-being.

The Roth Capital Partners buy rating looks to the future likelihood of Mydecine’s drugs treating large addressable markets. The company believes it will have a drug on the market by 2024 – which is short in the grand scheme of traditional drug development.

“Smoking cessation using psilocybin, and what we are showing in the efficacy rates that are coming out of that study are over 3 to 5x what’s currently available of Chantix or a nicotine patch with a much safer drug. It’s a much more effective drug. When you look at the total addressable market it’s projected to be 64.5 billion by 2026, so that report gave us a 0.5% of the overall addressable market right? So given the upside potential of one of our drugs being successful, you’re looking at a multiple dollar stock at a bare minimum. These are blockbuster drug potentials” – Joshua Bartch, Director, CEO & Chairman

Watch the full interview to learn the business of Mydecine Innovations Group, the science behind its psychedelic compounds, and its $3 analyst price target.

Original article: Whats Driving Psychedelic Stock Mydecine (MYCO, MYCOF) $3 Analyst Target?

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