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Source: Daniel Patrick Martin / Shutterstock.comMindMed (NASDAQ:MNMD) stock is a hot topic on Friday as the company’s shares continue to rally higher with investors seeing it 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 is Jake Freeman, a university student that made $110 million profit selling shares of BBBY stock this week. This came after BBBY 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, 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, a Dr. Scott Freeman, taking an activist stake in MNMD stock, StreetInsider.com notes.
With this news, shares of MNMD stock are seeing incredibly heavy trading on Friday. This has more than 62 million shares of the stock changing hands as of this writing. That’s well above its 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! Among that is 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
- CFO Transition Rocks 23andMe (ME) Stock
- Applied DNA (APDN) Stock Jumps on Monkeypox Test News
- Rivian (RIVN) Stock Falls on Plans to Cut Lower-Cost EVs
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.
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