SEEL - MindMed soars 71% as it appears to be following in Bed Bath & Beyond's footsteps
- MindMed, which is up 71% in Thursday premarket trading, appears to be the latest beneficiary of the meme stock craze.
- The company, which is developing psychedelic drug treatments, closed up 10% Wednesday.
- A recent story in the Financial Times about US college student Jake Freeman, who made $110M trading meme favorite Bed Bath & Beyond ( BBBY ), mentioned that he and his uncle recently built an activist stake in MindMed ( NASDAQ: MNMD ).
- Other companies in the psychedelic therapeutics space, including COMPASS Pathways ( CMPS ), MindMed ( MNMD ), atai Life Sciences ( ATAI ), and Seelos Therapeutics ( SEEL ) are also trading higher in the premarket, though by nowhere near the level that MindMed ( MNMD ) is.
- The company's lead candidate, MM-120, is examining the effect of LSD as a treatment of anxiety, ADHD, and chronic pain.
- Seeking Alpha's Quant Rating views MindMed ( MNMD ) as a hold.
For further details see:
MindMed soars 71% as it appears to be following in Bed Bath & Beyond's footsteps