Clearmind Medicine (NASDAQ:CMND) stock is on the rise Wednesday despite a lack of news from the psychedelic medicines company.
That includes no recent press releases that give a reason for today’s soaring share price. There are also no new filings with the Securities and Exchange Commission (SEC) that explain why shares of CMND stock are rising today.
Even so, that’s not stopping traders from buying up shares of CMND stock this morning. As of this writing, more than 6.4 million shares of the company’s stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 794,000 shares.
Before traders jump on this CMND stock rally, they’ll want to remember it’s a penny stock. That comes from its low share price of 50 cents when markets closed yesterday, as well as its market capitalization of $2.799 million. This means it’s easy for traders to manipulate the stock for pump and dumps.
What to Know About CMND Stock
Clearmind Medicine is a company seeking to develop psychedelic medicines to treat various problems. Among them are binge behavior and mental health, such as alcohol use disorder, binge eating, and depression.
Clearmind Medicine was founded in 2017 and operates out of Vancouver, Canada. The company is still fairly new to the public market after listing its shares through an initial public offering in November 2022.
CMND stock is up 46.6% as of Wednesday morning but is down 84% year-to-date as of yesterday’s close.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, the latest on penny stocks, and more. You can find all of that at the following links!
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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 risk.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (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.
