Why Mind Medicine Stock Vaulted More Than 8% Higher Today
Investors had a good mind to plow money into Mind Medicine (NASDAQ: MNMD) stock on Tuesday. Shares of the psychedelic-focused biotech, which also goes by the name of MindMed, provided a nice high by rising more than 8% in price on a legislative development. That performance contrasted well with the S&P 500 index's 0.4% drop on the day.Late on Monday, Connecticut's House of Representatives approved a bill to decriminalize psilocybin, the psychoactive compound found in so-called "magic" mushrooms. The vote was narrow, with 74 of the state's lawmakers in favor and 65 against. The proposed law will be put in front of the state Senate for review and an eventual vote. Image source: Getty Images.Continue reading
Investors had a good mind to plow money into Mind Medicine (NASDAQ: MNMD) stock on Tuesday. Shares of the psychedelic-focused biotech, which also goes by the name of MindMed, provided a nice high by rising more than 8% in price on a legislative development. That performance contrasted well with the S&P 500 index's 0.4% drop on the day.
Late on Monday, Connecticut's House of Representatives approved a bill to decriminalize psilocybin, the psychoactive compound found in so-called "magic" mushrooms. The vote was narrow, with 74 of the state's lawmakers in favor and 65 against. The proposed law will be put in front of the state Senate for review and an eventual vote.
Image source: Getty Images.
