Yesterday, Bright Minds Biosciences Inc (CSE:DRUG, OTCQB:BMBIF), a biotech in the field of psychedelics, saw its shares rocket by a frankly psychedelic-looking 1,445.8% to $38.49 from $2.50 at the start of the day.
At the request of the Canadian Investment Regulatory Organization (CIRO), Bright Minds confirmed that management "is unaware of any material changes in the company's operations that would account for the recent increase in market activity".
The shares are down only slightly in pre-market trading, down 17.4% to $31.80.
Apart from this announcement in response to the CIRO query, the last news from Bright Minds was the company sharing its plans to make presentations on its development of treatments for drug-resistant epilepsy, depression, and other disorders of the central nervous system.
This included a presentation at the Neuroscience 2024 annual meeting in Chicago last week, where it is within the realms of possibility (but rather improbable) that one or two attendees were excited enough to drive the shares up almost 1,500% in a day.
Before that, Bright Minds, announced last month that it had begun an early-stage epilepsy study.
Looking to develop non-addictive alternatives to standard selective serotonin reuptake inhibitors (SSRIs) such as Prozac and Citalopram, Bright Minds is developing its portfolio of compounds designed to bring specific serotonin activity back in line with normal levels.