MindMed on the Nasdaq: Day One

Here we are at the closing bell of MindMed’s first day on the Nasdaq. It’s been a long time coming, almost 6 months to the day since the announcement of their uplist application. And the results were as dynamic as expected.

The announcement of the Nasdaq listing hit the presses on Friday morning April 23rd, and things immediately began to take off. The previous day had MMED sitting at lows not seen for a long while (it closed on April 22nd at $2.67 CAD), but by the end of Friday’s trading, riding the news of the upcoming listing, the price had jumped over 65% to $4.42. Monday saw the buzz reach new heights, with traders jumping on the bandwagon to get in before Tuesday’s big launch. The stock crossed the vaunted $6 mark and broke volume records with over 22 million trades, finally ending Monday with a record closing of $5.84.

This brings us to yesterday, the big day. In a new industry, the success of its first big names is crucial, with spillover effects felt across the space. You could feel the hush as the psychedelic medicine industry spent the day watching the ticker and refreshing their screens…

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MindMed stock rides the Nasdaq rollercoaster

Would MindMed stock continue to skyrocket to new highs, riding the wave of millions of new traders to boat week triple-bagger territory? Or would profit-takers cash out and cut the momentum?

This seemed to be the consensus of those attempting to predict what would happen on Day One: a push and pull between profit-taking and the influx of new buyers. And that’s pretty much how the day ended up unfolding.

The first minutes of trading on the Nasdaq started off looking like a potential rocket ride: by 9:36 AM the price had jumped over 30%, reaching an all-time high of $6.93. But just a few minutes later, at around 9:50 AM, the price had dropped over $1.70 to $5.20 a share. This is the sort of day it would be, a somewhat wild ride as the stock decided which side would win out.

In the end, the buzz and bulls couldn’t quite overtake those taking the opportunity to cash out. The stock ended up with over 21 million trades, reaching a new high of $6.97, before trending downwards for the rest of the afternoon – hitting a low of $4.52 and closing the inaugural day at $4.92.

So it seems that for now cooler heads prevailed and MindMed might settle for the time being in the totally reasonable $5 range.

Unless, perhaps, Reddit decides to shake things up.

MindMed: new Reddit favorite?

In the lead up to Tuesday, MindMed superfans were filling comment sections with glorious predictions of a 5x Nasdaq Day, 3x at the worst. While a lot of this is the usual bull-bias, there’s a new reality out there, one fueled by GameStop residue and novice retail buyers believing that GME-style to the moon is the norm.

We can debate the merits of all this new retail influence, but there’s no denying that Reddit and other online groups can now be a factor in the market. They have helped democratized trading and can influence the momentum of a stock.

Reddit’s WallStreetBets is the internet’s biggest stock forum with over 10 million followers, home to the GameStop revolution. Scroll through WallStreetBets’ front page today and mixed with GME news you’ll find several bullish MindMed posts with declarations of YOLO and Shroom Boom getting many thousands of likes.

So while MindMed fell short of the moon yesterday, it seems that Reddit may have found a new darling – and in today’s new world this could be big news.