Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Why Mind Medicine Stock Is Skyrocketing Today

Source The Motley Fool

Mind Medicine (NASDAQ: MNMD) stock is seeing impressive gains Friday. The company's share price was up 16.9% as of 3:15 p.m. ET and had been up as much as 20.7% on the day earlier in the session.

Mind Medicine's valuation is surging following Robert F. Kennedy Jr.'s approval as health and human services (HHS) secretary in yesterday's Senate vote. Kennedy has previously voiced support for psychedelics as therapeutic treatments.

Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free »

Mind Medicine stock soars on RFK Jr.'s HHS confirmation

In a 52-to-48 vote yesterday, RJK Jr. was approved as the U.S.'s new HHS secretary. Among President Donald Trump's cabinet nominations, Kennedy's confirmation vote was viewed as one of the more likely to fall through. But he was confirmed for the cabinet role with nearly unanimous Republican support. Sen. Mitch McConnell from Kentucky was the only Republican to vote against Kennedy.

RFK Jr. has previously said that he supports the use of psychedelic drugs as therapeutic treatments in some instances. With the new HHS secretary being a supporter of Mind Medicine's core competency, it's possible that the biotech company will have an easier time bringing its products to the market.

What's next for Mind Medicine?

Political dynamics appear to be shifting in Mind Medicine's favor. The clinical-stage biopharmaceutical company has yet to record any revenue, but it's making progress with testing phases for its core treatments.

On Dec. 16, the company published a press release announcing that its phase 3 study for lysergide D-tartrate (LSD) as a treatment for generalized anxiety disorder was scheduled to kick off in the first half of 2025. Then on Jan. 16, the company announced that the first patient in the clinical test had been dosed. Roughly 250 patients are expected to be tested in the trial, and the results are likely to have a big impact on Mind Medicine's share price.

Should you invest $1,000 in Mind Medicine (MindMed) right now?

Before you buy stock in Mind Medicine (MindMed), consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Mind Medicine (MindMed) wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $829,128!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.

Learn more »

*Stock Advisor returns as of February 7, 2025

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Silver Price Forecast: XAG/USD falls like house of cards on Fed’s hawkish narrative Silver price (XAG/USD) is down 4.3% to near $61.50 during the European trading session on Monday. The white metal nosedives as elevated United States (US) Treasury Yields have diminished its appeal.

Author FXStreet

11 hours ago

Silver price (XAG/USD) is down 4.3% to near $61.50 during the European trading session on Monday. The white metal nosedives as elevated United States (US) Treasury Yields have diminished its appeal.

Gold Falls Below $4,200 in Single-Day Drop of Over $100: Why Are Gold Prices Plunging? As of the Asian session on September 28, international gold prices continued their recent weakness, with spot gold (XAUUSD) falling below $4,200 intraday to a low of $4,179.42, down over

Author TradingKey

11 hours ago

As of the Asian session on September 28, international gold prices continued their recent weakness, with spot gold (XAUUSD) falling below $4,200 intraday to a low of $4,179.42, down over

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

13 hours ago

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Brent edges toward $99 as Trump rejects Iran's Hormuz proposal — why the war-risk premium won't rebuild Brent crude rose 0.92% to $98.51 and WTI gained 1.15% to $93.51 after President Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz. But both benchmarks remain about 12% below their early-September highs, because supply never actually stopped. Hormuz flows ran at 33.7 million barrels this week, in line with the prior week, and Saudi Arabia's East-West pipeline restarted on September 22.

Author Suzie

14 hours ago

Brent crude rose 0.92% to $98.51 and WTI gained 1.15% to $93.51 after President Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz. But both benchmarks remain about 12% below their early-September highs, because supply never actually stopped. Hormuz flows ran at 33.7 million barrels this week, in line with the prior week, and Saudi Arabia's East-West pipeline restarted on September 22.

Middle East War updates: Trump says he expects renewed Iran talks this week Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.

Author FXStreet

18 hours ago

Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.

Popular Symbols