The Hidden Reason MindMed (MNMD) Stock Is Still Climbing

  • MindMed (MNMD) stock is in the news as investors notice its connection to meme stock Bed Bath & Beyond (BBBY).
  • College student Jake Freeman recently made $110 million off of BBBY stock.
  • Now, Freeman is taking an activist stake in MNMD stock.
MNMD Stock. Dried psilocybe cubensis psilocybin magic mushrooms inside and around a plastic prescription medicine bottle with no lid isolated on white background, Mind Medicine is in the psychedelic medicine business

Source: Daniel Patrick Martin / Shutterstock.com

MindMed (NASDAQ:MNMD) stock is a hot topic on Friday as the company’s shares continue to rally higher. Investors are seeing MNMD stock as a short-squeeze target.

But that’s not the only reason shares of MNMD are on the move today. Investors are also noting the connection between MindMed and meme stock Bed Bath & Beyond (NASDAQ:BBBY).

That connection? Jake Freeman, a university student that made $110 million profit selling shares of BBBY stock this week. This comes after BBBY stock went through a massive rally following Ryan Cohen’s RC Ventures purchasing call options earlier this week.

Luckily for Freeman, he sold his shares of BBBY stock during the recent rally. Cohen has since sold his entire stake in the retailer, which has resulted in BBBY stock — as well as other meme stocks — taking a beating today.

With his investment in BBBY having made him so much money, traders are taking notice of Freeman’s other investments. That includes the student and his uncle, Dr. Scott Freeman, taking an activist stake in MNMD stock.

On this news, shares of MNMD stock are seeing incredibly heavy trading Friday. More than 62 million shares of the stock have changed hands as of this writing. That’s well above the daily average trading volume of about 6.6 million shares.

MNMD stock is up slightly Friday afternoon after climbing higher earlier today.

Investors looking for the latest stock market news are in the right place!

We’ve got all of the hottest stock news traders need to know about for Friday! This includes what has shares of 23andMe (NASDAQ:ME), Applied DNA Sciences (NASDAQ:APDN) and Rivian Automotive (NASDAQ:RIVN) stock on the move today. You can read up on all of that news at the links below!

More Friday Stock Market News

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/08/the-hidden-reason-mindmed-mnmd-stock-is-still-climbing/.

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