- 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
EUR/USD clings to daily gains near 1.0300 after US PMI data
EUR/USD trades in positive territory at around 1.0300 on Friday. The pair breathes a sigh of relief as the US Dollar rally stalls, even as markets stay cautious amid geopolitical risks and Trump's tariff plans. US ISM PMI improved to 49.3 in December, beating expectations.
GBP/USD holds around 1.2400 as the mood improves
GBP/USD preserves its recovery momentum and trades around 1.2400 in the American session on Friday. A broad pullback in the US Dollar allows the pair to find some respite after losing over 1% on Thursday. A better mood limits US Dollar gains.
Gold retreats below $2,650 in quiet end to the week
Gold shed some ground on Friday after rising more than 1% on Thursday. The benchmark 10-year US Treasury bond yield trimmed pre-opening losses and stands at around 4.57%, undermining demand for the bright metal. Market players await next week's first-tier data.
Stellar bulls aim for double-digit rally ahead
Stellar extends its gains, trading above $0.45 on Friday after rallying more than 32% this week. On-chain data indicates further rally as XLM’s Open Interest and Total Value Locked rise. Additionally, the technical outlook suggests a rally continuation projection of further 40% gains.
Week ahead – US NFP to test the markets, Eurozone CPI data also in focus
King Dollar flexes its muscles ahead of Friday’s NFP. Eurozone flash CPI numbers awaited as euro bleeds. Canada’s jobs data to impact bets of a January BoC cut. Australia’s CPI and Japan’s wages also on tap.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.