Mind Medicine (NASDAQ:MNMD) stock is heating up on Tuesday thanks to tweets from Sen. Cory Booker.
In a video tweet, Booker discussed the regulations surrounding psychedelics. In particular, the Democrat senator noted that regulations keeps these drugs from seeing therapeutic use, despite recent research suggesting there’s such a case for them.
In his tweets, Booker references his and Sen. Rand Paul’s “Right to Try” bill. This legislation would allow incredibly ill patients to try certain restricted drugs, such as psilocybin and marijuana.
Here’s a portion of what Booker says in the video, per Marijuana Moment:
“We see that some drugs, like certain psychedelics, can help vulnerable people deal with their addiction, their trauma, their anxiety, their depression and more […] Let’s make these drugs available for research, study and—ultimately, hopefully—for constructive application.”
Why MNMD Stock Is Rising
All of these discussions are incredibly important to MindMed. The company’s main focus is on using psychedelics as a form of treatment for certain patients. So, the idea of a bill easing access to these types of drugs has investors excited today.
With that excitement comes heavy trading of MNMD stock. As of this writing, more than 2.6 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 1.3 million shares.
MNMD stock is up 9.9% as of Tuesday morning.
There’s more of the latest stock market news worth diving into below!
We’ve got all of that news ready for investors without daily coverage of the market. Among that is what shares of Mullen Automotive (NASDAQ:MULN) and BYD (OTCMKTS:BYDDY) stock are doing, as well as the Mobileye initial public offering (IPO). You can get up to speed on all of this news at the following links!
More Tuesday Stock Market News
- Mullen Is Getting Ready to Resell 900 Million Shares of MULN Stock
- MBLY Stock IPO: When Does Mobileye Go Public? What Is the Mobileye IPO Price Range?
- BYD Company (BYDDY) Stock Rises as Quarterly Profits Quadruple
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
