On Tuesday, psychedelics-based medicine developer Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (MMED.NE) experienced a steep fall of 29% following its uplisting to NASDAQ.
Moreover, it came as a severe reversal of trend since in the two sessions prior to that; the stock had clocked gains of 130%.
That being said, the Mind Medicine stock has managed to recover from its Tuesday’s slump and gained 18% since. The company had decided to uplist to the NASDAQ from the OTC Markets with the view of attracting a larger pool of investors and capital.
The company is only the second one from the psychedelics industry to have been listed on NASDAQ and remains one of the major operators in that space. Companies in this industry use well-known psychedelics like MDMA, psilocybin, and LSD among others for treating a range of mental health issues. However, investors need to note that the products are not yet legal and it will need approvals from the United States Food and Drug Administration for its products.
At the time of writing, MNMD stock is up by 4% at $4.76.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.