- 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.
Stay up to speed with hot stocks' news!
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.
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.