BrewMarkets mention - meme? Good afternoon. The S&P 500 has gained 23% in 2024. Bright Minds Biosciences has gained 2,296% in the past five days.
The microcap Canadian pharma company hasn’t reported any revenue, yet shares exploded higher on Tuesday for…some reason? The Canadian Investment Regulatory Organization (basically the SEC, just more polite) reached out to the biotech for an explanation of why its stock suddenly soared out of the blue this week. The company’s answer was the verbal equivalent of a shrug emoji, with their spokesperson noting that nothing has materially changed about the company’s business.
The only thing that may explain the sudden stock surge: Bright Minds Biosciences’ ticker symbol is DRUG, which is exactly the sort of stock symbol meme traders love.