- NASDAQ:MNMD plunged on Tuesday and nears the YTD low at $7.95.
- MindMed was tied to meme stocks like BBBY during the recent short squeeze.
- Meme stocks tumbled last week as short squeeze momentum faded.
Update: MindMed shares have lost 4.3% to trade at $8.68 at the start of the Wednesday session. The company announced this morning that it will share a presentation of its recent efforts and general outlook at the H.C. Wainwright 24th Annual Global Investment Conference on September 12. That is exciting news for shareholders more generally since MindMed has not been included as a serious company at most industry and investment conferences. Shares are now nearing the August 8 reverse-split-adjusted price of $7.95. Below there is support at $5 from September 2020. It seems the recent 1-for-15 reverse split has failed to work its magic in any sustainable way.
NASDAQ:MNMD traded flat last week despite the broader markets continuing to spiral downwards for the third consecutive week. Shares of MNMD edged higher by just 0.09% last week and closed at a price of $11.48. Stocks fell lower for the third straight week as Chairman Powell’s Jackson Hole speech continued to weigh on the minds of investors. Added to that were more signs that the US economy is stronger than most believe it to be. Overall, the Dow Jones lost 3.0%, the S&P 500 dropped by 3.3%, and the NASDAQ tumbled by 4.2% during the week.
Stay up to speed with hot stocks' news!
Does the stock MindMed sound familiar? It might be a new name to most investors but the company has been making some headlines this year. MindMed operates in the psychedelic therapy industry which treats patients with addictions and mental illness. The stock was also tied to meme companies like Bed Bath and Beyond (NASDAQ:BBBY) as a key holding by several well known investors. Despite all of this news, the largest headline as of late for MindMed has been its recent 1 for 15 reverse stock split that took place a couple of weeks ago.
MNMD stock price
MindMed managed to hold up better than other meme stocks last week. Shares of GameStop (NYSE:GME), AMC (NYSE:AMC), APE (NYSE:APE), and Bed Bath and Beyond were all on the decline. BBBY led the way lower, losing more than 25% during the week, while APE and GME dropped lower by 17% and 10% respectively.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds lower ground near 0.6350 after downbeat Aussie jobs data
AUD/USD is holding lower ground near 0.6350 in Asian trading on Thursday. The downbeat Australian jobs data fans RBA rate cut bets, maintaining the downward pressure on the pair. US-China trade tensions and US Dollar recovery act as a headwind for the pair.
USD/JPY fades the rebound to 142.85 amid US-Japan trade optimism
USD/JPY fades the impressive rebound from seven-month lows of 141.61, falling back toward 142.00 in the Asian session on Thursday. The pair tracks the US Dollar price action, fuelled by contrstructive trade talks between the US and Japan. A tepid risk recovery supports the pair.
Gold price corrects from record highs of $3,358
Gold price retreats from a fresh all-time peak of $3,358 reached earlier in the Asian session on Thursday. Despite the pullback, tariff uncertainty, the escalating US-China trade war, global recession fears, and expectations of more aggressive Fed easing will likely cishion the Gold price downside.
Ethereum face value-accrual risks due to data availability roadmap
Ethereum declined 1%, trading just below $1,600 in the early Asian session on Thursday, as Binance Research's latest report suggests that the data availability roadmap has been hampering its value accrual.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.