Clearmind Medicine (NASDAQ:CMND) stock is taking off on Wednesday even without any recent news from the psychedelic medicine company.
No new press releases explain why shares of CMND stock are climbing today. There are also no filings with the U.S. Securities and Exchange Commission (SEC) that give reason to the current rise. No analysts have weighed in on the stock, either.
What’s causing CMND stock to climb higher? Heavy trading. As of this writing, more than 7 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 1.3 million shares.
Of course, investors will also want to keep CMND’s penny stock status in mind. That comes from its low market capitalization of around $3 million and prior closing share price of 55 cents. This means the stock is easy to manipulate, especially during pre-market hours.
What to Know About CMND Stock
Clearmind Medicine is a psychedelic medicine company seeking to treat “binge behavior” and mental health. That includes “alcohol use disorder, binge eating and depression.” The company was founded in 2017 and operates out of Vancouver, Canada. The company uplisted shares of CMND stock to the Nasdaq in November 2022.
CMND stock is up 44.8% as of pre-market trading on Wednesday!
There’s more stock market news traders need to know about below!
We’ve got all of the hottest stock market stories worth reading about on Wednesday! That includes the biggest pre-market stock movers this morning, the latest on Bed Bath & Beyond (NASDAQ:BBBY) and more. You can find out all about these matters at the links below!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- BBBY Stock Alert: How Bed Bath & Beyond Bankruptcy Created $1 BILLION
- Housing Market Alert: Case-Shiller Report Eases Crash Fears
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.
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.