- NASDAQ:MNMD gains 4% in early Thursday trading.
- Mind Medicine is already a wallstreetbets favourite.
- Mind Medicine volume soars on Nasdaq debut.
Update April 30: Shares in MNMD remained confined within Tuesday’s trading range on Thursday, although staged an impressive recovery from daily lows of $4.25 to finish the day slightly lower at $4.68. Despite the negative close, the stock price finished above Wednesday’s closing at $4.57. MNMD shares soared to four-month highs of $4.92 after the leading psychedelic medicine biotech company commenced trading its subordinate voting shares on Nasdaq on Tuesday. Note that company has become a new meme favorite.
NASDAQ:MNMD stumbled on its first day of trading on the NASDAQ exchange on Tuesday, but recovered nicely on Wednesday, even as the broader markets traded flat ahead of big tech earnings. Mind Medicine sured by 13.68% to close the trading session at $4.57 and shares continued to rise in after hours trading. Last year, Mind Medicine was a penny stock that traded over the counter, and now it trades with a $1.4 billion market cap and saw a daily trading volume of over 42 million shares changing hands on Wednesday.
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Mind Medicine is only the second company in the psychedelics industry to trade on the NASDAQ index, joining a U.K. based firm called Compass Pathways (NASDAQ:CMPS). The psychedelics market utilizes such drugs as LSD, MDMA, and psilocybin, the active hallucinogenic ingredient that is found in certain species of mushrooms. Unlike the cannabis industry, psychedelics are aimed at helping people deal with crippling forms of depression and other mental health issues, as well as a method of treating addiction issues. There are some barriers to entry for Mind Medicine as clinical trials and FDA approval still needs to be obtained for many of its treatments, as well as state and federal legalization to use these drugs.
MNMD Stock news
Perhaps not surprisingly, Mind Medicine has quickly become a favorite among day traders from the r/WallStreetBets Reddit group. The power of the community caused the short squeeze event in January that saw stocks like GameStop (NYSE:GME) and AMC (NYSE:AMC) reach incredible price levels. Could this be in store for Mind Medicine as well? It’s early in the game but Mind Medicine could be one of the first movers in an industry that is just getting off the ground.
Previous Updates
Update: Shares in MNMD continued to recover ground on Thursday after a tough opening day on the Nasdaq. MNMD shares peaked at over $5 in December 2020 and since then it has been a rough ride for investors. However recently the retail meme stock crowd has turned their attention to MNMD and taken the ball and ran with it. The shares rallied from $2.21 on April 22 to $4.99 by April 26. The shares launched on the Nasdaq on Tuesday.
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