Mind Medicine (MindMed) (NASDAQ: MNMD) stock is absolutely crushing it on Thursday, with shares soaring 45.4% as of 11:20 a.m. ET after rising as much as 77.3% earlier in the day. The company hasn't announced any new developments since last week. So what's behind the huge gain today?
Probably the most likely explanation is that investors are reacting to reports by the Financial Times and other online publications about 20-year-old Jake Freeman. The reports focus on how Freeman and his family made $110 million in one month trading Bed Bath & Beyond (NASDAQ: BBBY) stock.
Freeman's uncle, Scott Freeman, was a co-founder and executive with MindMed. Now a company founded by Freeman, FCM MM Holdings, is pushing MindMed to make changes that could reward shareholders. Some appear to be betting that MindMed could have a similar trajectory to Bed Bath & Beyond's.
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Why Mind Medicine (MindMed) Stock Is Crushing It Today Source: Motley Fool (Aug 18, 2022 11:58:41 EDT)
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