Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (MMED.NE) stock continues to trade lower for the third consecutive session on Monday. In fact, MNMD stock has lost almost 45% from its high of $5.77 on April 27.
Before hitting a new high last week, the stock had seen huge buying interest from April 22 – when the stock company had announced that it would commence trading on Nasdaq Exchange. So just after the news, investors started betting on the stock and jumped as much as 170% in 3 days.
However, when the stock started trading on the Nasdaq last Tuesday, the stock did gap up however by the end of the session the stock fell over 14%.
Since then the stock has been witnessing a continuous sell-off and now the stock is up 50% from the pre-news level.
At the time of writing, the stock is down 17% at $3.23. The stock might find support near $3, which is its 50-day moving average.
So keep an eye on MNMD stock as the trend has been shifted to bearish because of sell on news.
Let’s see if we can get any quick dead cat bounce this week or not.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.