Buy, Sell, Or Hold? Mydecine Innovations Group Inc (OTCMKTS:MYCOF)

Mydecine Innovations Group Inc (OTCMKTS:MYCOF) stock ended slightly higher on average volume Tuesday. The company released news this morning. The stock could be in action on Wednesday.

Major Trigger:

Mydecine Unveils Artificial Intelligence Drug Discovery Program

Key Highlights:

• MYCOF announced the launch of its in-silico drug discovery program in conjunction with researchers at the University of Alberta.
• Led by top computer-aided drug development expert, Dr. Khaled Barakat, the program is focused on developing artificial intelligence/machine learning (AI/ML) supported drug screenings, including both the ability to build drugs from the receptor up and assess drugs around the receptors of Mydecine’s choosing.
• With its broader R&D capacity in drug development up and running, the in-silico program will enable the Company to more rapidly screen hundreds of thousands of new molecules without the need to produce them, allowing Mydecine to focus on the strongest potential therapeutics for its chemical and natural development programs. Mydecine will also be able to more efficiently screen its proprietary library of novel compounds designed by Chief Science Officer Rob Roscow and Advisory Board member, Dr. Denton Hoyer.

Key Quote:

“Years of research have shown that the chemical components of psychoactive and non-psychoactive mushrooms can be extremely powerful in a therapeutic setting and yet, there is still so much that we don’t understand about how these molecules can affect biological systems. As the next evolution of drug discovery progresses forward, we strongly believe that this new age will be fully led by artificial intelligence and machine learning,” said Josh Bartch, CEO of Mydecine.

Market Reaction

On Tuesday, MYCOF stock ended higher by  0.72% to $0.2417. Total volume for the session stood at 724K shares, below its average volume of 709k shares. The stock moved within a range of $ 0.2270 – 0.2500 after opening at $0.245.