Psychedelic stock getting crushed. Down 50% today. I was in very early. Sold too early. And bought back in when it dipped below IPO. But then today. speculative sector and I really am bullish on the idea….not necessarily on the business. Any thoughts on MindMed, Compass, Etc?
Methylenedioxymenthanphetamine. Seems that all of em biotechs falling to fair & decent valuations. With fundamentals or not.
MMED is trending down. No reason to go long on it. If you have a position, you should sell on the next rally to the upside. That may be only a few days. Lots of other stocks to trade.
They diluted the stock by 39%, it was a shelf registration back in May. $200M This dilution is $30M, so they have $170M left to go (whenever they want). Why they chose yesterday to enact an initial round, my guess it's to keep the operation afloat while they await results from their phase 2 candidate. You get 1 share and one warrant good for 1 share exerciseable at any time for $4.25. So I'd say its going lower.
Not trading it, though. In for the long haul. I’m likely cost averaging my position. But haven’t decided yet.
$200,000,000 Subordinate Voting Shares Warrants From time to time, we may offer and sell up to $200,000,000 of any combination of the securities described in this prospectus, either individually or in combination. We may also offer Subordinate Voting Shares upon the exercise of warrants. ____________________ I like how the insiders sold the day before the dilution. https://archive.fast-edgar.com/20220927/APZDD222ZW2SV2Z222282CZ53P4VZZ2SU242/ https://archive.fast-edgar.com/20220927/ADZZ7222ZW2SR2Z2222U2CZ5VNNIZZ2SUU42/
So, if you can buy 2 shares for $4.25, wtf is this thing at $3.30 Where is Jack Morgan when we need him? MindMed said it will offer 7,058,823 common shares with accompanying warrants to purchase 7,058,823 common shares. The combined offering price to the public is $4.25. Each common share will be sold in combination with an accompanying warrant. The accompanying warrant will be immediately exercisable with an exercise price of $4.25 per share and expires five years from the date of issuance.