Core Viewpoint - Mira Pharmaceuticals experienced a significant stock rally followed by a notable decline, driven by positive pre-clinical study results for its drug candidate Ketamir-2 [1][2]. Stock Performance - On Monday, Mira Pharmaceuticals' stock surged by 627.4%, with over 153 million shares traded, compared to its average daily trading volume of approximately 3.2 million shares [1][2]. - As of Tuesday morning, the stock dropped by 27.4%, with more than 5.5 million shares changing hands, indicating a decline from the previous day's trading activity [3]. Drug Development - The rally in Mira Pharmaceuticals' stock was primarily due to the release of positive data from a pre-clinical study of Ketamir-2, an oral ketamine analog aimed at treating neurological and neuropsychiatric disorders [2]. - The company is optimistic about advancing the development of Ketamir-2 and plans to submit an investigational new drug (IND) application [2].
Why Is Mira Pharmaceuticals (MIRA) Stock Down 27% Today?