A massive short squeeze play now surges stock 2,500% in the past 5-trading days after peaking to $38 per share from slightly over $1.
Biotech company Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw its shares skyrocket on Tuesday to $38.49 from $1.08.
DRUG stock has taken a minor dip and is currently trading at $28.80, up 2,500% in the past 5 trading days alone.
Bright Minds Biosciences has stated that it is unaware of any material changes in the Company’s operations that would account for the recent increase in market activity.
The company’s market cap rose from $4 million to a whopping $172 million overnight at its peak.
The rally was further fueled by an additional 14% after hours on Tuesday.
Bright Minds focuses on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain.
The Company leverages its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs, according to its website.
Retail investors are questioning how they missed this train.
Will DRUG stock continue to rise or is this the end of this unprecedented price action?
Will we see what occurred with HKD stock when it squeezed from $13.54 per share to an incredible $2,500 per share?
I’m curious to hear what you think — leave your thoughts below.
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Also Read: Overstock Short Sellers Now Lose Appeal Over Market Manipulation
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