Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (MMED.NE) stock continues to gain a lot of attention on Tuesday as the stock starts to trade on the Nasdaq. After soaring 130% over the past two trading sessions, the stock is up another 12% this morning.
There is no doubt that the stock is very good momentum and mere listing on Nasdaq has taken the market capitalization to over $1 billion today.
MindMed offers therapeutic and medicinal treatments for adults. The company seeks to treat symptoms primarily of ADHD, anxiety, and opioid dependence.
MindMed is one of the notable leaders of the psychedelic medicine industry, a booming sector in the wake of the increasing decriminalization of psychedelic substances.
The listing capitalizes on the growing interest in psilocybin mushrooms. But, the company also produces medicine with ingredients like MDMA, LSD, DMT, and 18-MC.
MNMD stock jumped as much as 10% in the opening session at $5.16 after hitting a new high of $5.77 earlier in the session.
Keep an eye on MNMD as the stock could be a nice play on some pullback.