Mind Medicine (OTCMKTS:MMEDF) is seeing a massive increase in its stock on Monday despite a lack of news from the company.
The jump in MMEDF stock prices come alongside heavy trading of the shares. As of this writing, more than 12 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is less than half of that at 4.57 million shares.
With eyes on MMEDF stock, investors surely want to know more about the company. That’s where the breakdown below comes into play.
- MindMed is a medical company focused on helping the mental well being of patients.
- Its focus is on using a combination of LSD and therapy to help patients suffering from a variety of issues.
- That includes opioid addiction, anxiety, and adult ADHD.
- MindMed says that it wants to use its tools to help patients overcome their symptoms, rather than continue living with them.
- The company’s recent round of fundraising includes $27 million.
- It’s worth noting that the company has now raised a total of $94.8 million.
- MindMed is also planning to up-list its stock onto the Nasdaq Exchange.
- Recent trends suggest that psychedelic stocks, such as MMEDF, could be the next target for major growth.
- The idea behind this is that the negative stigma surrounding these drugs is dwindling as society becomes more accepting of their use.
MMEDF stock was up 32.8% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.