Amid concerns about MIRA Pharmaceuticals' cash burn, there are compelling reasons for optimism. The company has smartly reduced its cash burn by 8.1% in the past year, extending its cash runway to about 16 months as of September 2023. This indicates prudent financial management and a strategic approach to growth.
The partnership with Pharmaseed Ltd. to develop Ketamir-2, a novel treatment for neurological and neuropsychiatric disorders, highlights MIRA's innovative edge. This venture into addressing major depressive disorder (MDD) and post-traumatic stress disorder (PTSD) has significant market potential, with projections suggesting Ketamir could generate $3 billion in annual sales by 2035.
As we have established a very strong support here, and given the history of volatile moves, eyeing potential price target in the $1.50 range, low volume node. My bullish outlook is supported by MIRA's strategic initiatives, potential market impact, and solid financial strategy, making it an attractive option for investors seeking growth in a stock with considerable upside.
Trade closed: target reached:
Taking off the table here, Target reached.
Mira Pharmaceuticals (NASDAQ:MIRA) saw its stock surge by 51.7% on Friday following an exciting preclinical trial update. The company discovered a new molecule, named MIRA-55, during the testing of its oral pharmaceutical marijuana drug candidate, MIRA1a. An unexpected error in MIRA1a's production led to the creation of MIRA-55, which preclinical trials have shown to be more potent and potentially more efficacious. Consequently, Mira Pharmaceuticals has decided to prioritize the development of MIRA-55 while maintaining its rights to MIRA1a. This shift in focus has garnered significant investor interest, resulting in a substantial increase in MIRA stock's trading volume to over 6 million shares, compared to its daily average of around 232,000 shares. This development highlights the company's potential for breakthrough in its drug development efforts, making it a standout moment for investors and the pharmaceutical sector.
Mira Pharmaceuticals (NASDAQ:MIRA) saw its stock surge by 51.7% on Friday following an exciting preclinical trial update. The company discovered a new molecule, named MIRA-55, during the testing of its oral pharmaceutical marijuana drug candidate, MIRA1a. An unexpected error in MIRA1a's production led to the creation of MIRA-55, which preclinical trials have shown to be more potent and potentially more efficacious. Consequently, Mira Pharmaceuticals has decided to prioritize the development of MIRA-55 while maintaining its rights to MIRA1a. This shift in focus has garnered significant investor interest, resulting in a substantial increase in MIRA stock's trading volume to over 6 million shares, compared to its daily average of around 232,000 shares. This development highlights the company's potential for breakthrough in its drug development efforts, making it a standout moment for investors and the pharmaceutical sector.