- NASDAQ:MNMD gained 9.49% during Thursday’s trading session.
- MindMed revealed positive results from a recent placebo-driven study.
- Meme stocks climb higher for the second straight day following GameStop earnings.
NASDAQ:MNMD reversed course and rebounded with a strong day of trading on Thursday after some welcome good news for investors. Shares of MNMD gained 9.49% and closed the trading session at a price of $9.23. MindMed climbed higher alongside a second straight day of gains for the broader markets as all three major averages closed the day higher. Despite Chairman Powell reiterating the Fed’s stance on raising interest rates, investors shrugged off concerns and pushed the market higher. Overall, the Dow Jones gained 193 basis points, the S&P 500 added 0.66%, and the NASDAQ rose by 0.60% during the session.
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MindMed revealed some positive results from a placebo-controlled clinical study for patients with anxiety that were given controlled amounts of the drug, LSD. MindMed’s proprietary MM-120 product appears to offer advantages and benefits to patients over just traditional LSD, where a single dose can remove anxiety symptoms for up to four weeks. This was a Phase 2B trial and the results were published in a peer-reviewed journal. It is a positive sign for the company and some welcome good news for investors as the stock has been in a tailspin since its 1 for 15 reverse split several weeks ago.
MNMD stock price
Other meme stocks were also on the rise on Thursday. GameStop (NYSE:GME) continued its climb higher following its announcement of a partnership with crypto exchange FTX. AMC (NYSE:AMC) and APE (NYSE:APE) also posted gains, while Bed Bath and Beyond (NASDAQ:BBBY) also extended its rebound by 4.17%. Shares of Digital World Acquisition Corp (NASDAQ:DWAC) also edged higher despite the company delaying its shareholder meeting for the merger with Truth Social until early October.
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