September has seen a few weeks of weakness in the stock market as the S&P 500 pulled back roughly 10%, but on Friday the market rallied and this morning it had a strong gap up on the open to bring a sense of confidence back to stock traders. That has carried over into the small cap arena where shares of Mind Medicine OTCMKTS: MMEDF) are up 5.35% in early morning trading to be one of the most actively trades stocks on the US OTC. Check out the chart.
As you can this stock while it is up 5.35% so far today has gone up a lot more than that in the past week. It is almost up over 100% for a double! Mind Medicine Inc. (OTCMKTS: MMEDF) is a small cap company with a market cap of $160 million. The company lost close to six million dollars according to its last quarterly earnings report in the first six months of this year, however, because it is a drug development company in psychedelic drugs it has captured the imagination of traders who have noticed the big gains in recent years in cannabis stocks. What Mind Medicine is developing is trials on using psilocybin (more commonly known as mushrooms) for treating people for psychological problems. This month the company announced that it “has been conducting R&D work on psilocybin in collaboration with the University Hospital Basel’s Liechti Lab in a study to better understand and compare the altered states of consciousness induced by psilocybin and LSD.” The potential of all of this is what stock traders buying Mind Medicine are focusing on as you can see from these tweets even though the company has a big market for one that loses about a million dollars a month.
🗝️ tech!👇$mmedf has developed an ‘LSD neutralizer’ that can shorten & stop psychedelic trips. The neutralizer was developed specifically 4 use during psychedelic-assistant psychotherapy sessions. @mindmedco has filed a patent 4 its tech in the US.https://t.co/3C1l7e8NPE— NatarajKali (@NatarajKali) September 28, 2020
I do not own this stock and am not looking to buy it. Today I’m closely watching several Nasdaq 100 stocks to see how they act this week and energy stocks. Every morning I send out an email to my stock traders list going over the top stories I am watching before the market open. You can get it for free. Just click here to subscribe.