Bright Minds Biosciences exploded in the stock market today. The neuropsychiatric disorder treatment company has quietly traded sideways for the better part of the last few months. But this week shares surged following more attention on psychedelic stocks, thanks to MindMed.
The company specializes in drug development designed to leverage therapeutic aspects of psychedelics and serotonergic compounds. Its recent catalysts include a management shakeup and the departure of Dr. Alan Kozikowski as Chief Scientific Offer earlier this summer.
But it may be safe to say that the big move for DRUG stock has more to do with industry sentiment than anything else. In addition, the psychedelic stock is also a low float name as most outlets put this figure below 10 million shares. In this case, it isn't a bad idea to know how to handle volatile trading trends. With low float penny stocks, the moves lower can happen just as quickly as the spikes higher.
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