Investors woke up this morning to a serious shroom stock buzz. MindMed stock was up over 60% in premarket trading, causing waves of speculation across the internet.
There doesn’t seem to be any significant company news, so the currently accepted hypothesis is that meme stock traders have set their sights on MindMed.
According to MarketWatch and other sources, meme-stock star Jake Freeman has “amassed an activist stake” in MindMed. Freeman is the 20 year-old trader who recently made $110 million on the BBBY meme craze, and is the nephew of Scott Freeman, former MindMed co-founder and CMO.
The Freemans are getting actively involved in MindMed, going as far as starting an activist campaign to make changes at MindMed that they believe will help shareholders. This group, the FCM, is managed by Dr. Scott Freeman, who holds major stock in MindMed: “Dr. Freeman’s investment in MindMed is in excess of nineteen million shares or 4.51% of MindMed’s outstanding shares.
” In their letter, they say they want to “work hand-in-hand” with the board to “unlock the Company’s full potential,” giving the company until the end of the month to respond.
So it seems like a famous meme-stock trader and his insider uncle are starting to go big on MindMed.
And since it seems to be a wild day in psychedelics stocks, we also have BrightMinds Bioscience (ticker: DRUG) going on a nearly 400% run this morning. Again there doesn’t seem to be any significant company news, and no meme-stock buzz, so perhaps this run has to do with the recent rule changes by IIROC on naked short selling, causing traders to cover their current short positions.
Stay tuned to Microdose for more on this news.
