Why Mind Medicine was up 8% on Tuesday

What happened

A tweet from a US senator was driving medicine of the mind (NASDAQ: MNMD) stock up at near double-digit rates on Tuesday. Although the tweet didn’t mention the company’s name, it strongly supported the work it does, and investors were more than cheered by the move.

So what

The politician in question is Cory Booker, Democrat of New Jersey. On Monday afternoon, Booker posted a tweet along with a video in which he passionately defended current research into psychedelic drugs. Specifically, he named psilocybin and MDMA, which are currently federally illegal.

Mind Medicine, also known as MindMed, has research programs involving the study of substances in both drugs. As the senator pointed out in the text portion of his tweet, these show promise in treating afflictions such as post-traumatic stress disorder, substance abuse and depression.

“For too long, the war on drugs – the legacy that is still with us – drugs that could help people, drugs that could save lives, have been restricted. Restricted in their study, restricted in their clinical trials and delayed,” Booker said in the tweet’s accompanying video.

Now what

Booker is a politician, and a high-profile one, so it won’t come as a shock to anyone that the tweet is part of one of his legislative efforts. In late July, he and his co-sponsor, U.S. Senator Rand Paul, Republican of Kentucky, introduced the Right to Try Act, which would allow terminally ill patients access to drugs classified as controlled substances from Schedule 1 by the Drug Enforcement Agency — — like psilocybin and MDMA.

Similar to the legalization of marijuana, there is growing political power behind the movement to remove drugs like this from Schedule 1 classification. So the latest expression of that power is understandably encouraging for MindMed and its investors. .

10 stocks we like better than Mind Medicine (MindMed) Inc.
When our award-winning team of analysts have stock advice, it can pay to listen. After all, the newsletter they’ve been putting out for over a decade, Motley Fool Equity Advisortripled the market.*

They just revealed what they think are the ten best stocks investors can buy right now…and Mind Medicine (MindMed) Inc. wasn’t one of them! That’s right – they think these 10 stocks are even better buys.

View all 10 stocks

* Portfolio Advisor Returns as of September 30, 2022

Eric Volkman has no position in the stocks mentioned. The Motley Fool has no position in the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button