Mira Pharmaceuticals Inc. (NASDAQ:MIRA) shares jumped 68.94% to $2.23 in after-hours trading on Wednesday.
Check out the current price of MIRA stock here.
Preclinical Data Announcement
On Wednesday, Mira Pharmaceuticals submitted an 8-K filing with the Securities and Exchange Commission revealing new preclinical results for Mira-55, its proprietary non-psychotropic marijuana compound.
The study found that orally administered Mira-55 reduced inflammation and normalized pain levels, outperforming injected morphine in an animal model of chronic inflammatory pain.
Study Results
In preclinical studies, oral Mira-55 was shown to restore pain sensitivity to normal levels and performed better than injected morphine in reducing pain caused by formalin. It also significantly reduced inflammation by targeting CB2 receptors, whereas morphine only partially reduced swelling through indirect effects on the central nervous system.
IND Application Plans
The results support the Florida-based company's plans to move forward with an Investigational New Drug application for chronic inflammatory pain.
In its filing, MIRA highlighted the $70 billion non-opioid pain market as a key opportunity.
Market Performance
MIRA reported its second-quarter earnings on Aug. 14, posting a loss of 9 cents per share, beating analyst estimates of a 12-cent loss. The company reported no revenue for the quarter. Its next earnings report is scheduled for Nov. 11.
Mira Pharmaceuticals has gained 20% over the past year and 0.76% in the past month. On Wednesday, 3.7 million shares were traded, well above the stock's average daily volume of 661,120.
The clinical-stage pharmaceutical company has traded between $0.73 and $2.56 over the past year and currently holds a market capitalization of $25.37 million.
Price Action: According to Benzinga Pro data, MIRA closed at $1.32 on Wednesday, up 0.76%.
With momentum in the 77th percentile, Benzinga's Edge Stock Rankings indicate that MIRA is experiencing short- and medium-term consolidation, alongside a long-term upward trend. Know how its momentum lines up with other well-known names.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
