Shares of Mind Medicine (NASDAQ: MNMD), a clinical-stage biopharmaceutical company using psychedelics to treat brain disorders, rose 12.9% on Monday, only to fall back down later in the day. The stock closed at $0.8474 on Friday and then opened at $0.9450 on Monday, climbing to a high of $0.955 in the first hour of trading. The stock fell back down to $0.761 around 2 p.m. ET before rising a little to $0.8347 at the close.

MindMed's shares have a 52-week low of $0.5300 and a 52-week high of $2.97. The company's shares are still down more than 39% this year.

The lift started on Friday when a Financial Times story related that meme stock trader Jake Freeman, a 20-year-old student at University of Southern California, and his uncle, Dr. Scott Freeman, who run Freeman Capital Management, have bought their way into a 5.6% stake of the biotech company. Dr. Freeman, who was one of the co-founders of MindMed, said in a letter dated Aug. 11 that he was proposing a value enhancement plan to cut costs and get prospective MindMed therapies more quickly to market.

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Source Fool.com