Why Shares of Mind Medicine Jumped 13.4% on Wednesday

Shares of Mind Medicine Inc. (NASDAQ: MNMD) climbed 13.4% on Wednesday. The clinical-stage biopharmaceutical company specializes in using psychedelic-based therapies to treat brain disorders. Its stock closed at $1.19 on Tuesday, opened slightly higher at $1.21 on Wednesday, and rose to a high of $1.35 after lunch. The company is still a lot closer to its 52-week low of $0.79 than its 52-week high of $5.77.

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The stock's shares have fallen more than 61% over the past year. As a small cap with a market cap of $501 million, its shares are likely to be volatile. Prior to last May, it was an over-the-counter stock.

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Source Fool.com