If you are keen on psychedelic news, you will learn that they have shifted from the countercultural fad of the 1960s to mainstream medicine currently. Only a few pharmaceutical companies dealing with psychedelic drugs are developing drugs that adhere to the legal pathway toward approval.
Nevertheless, hallucinogens like psilocybin have depicted considerable promise in treating conditions like schizophrenia and depression. Some of these drug manufacturers are publicly traded, thus allowing them to get more attention from investors. Whether you refer to them as ‘shroom stocks, psilocybin stocks, or mushroom sticks, psychedelic stocks are a hot deal right now. Check out the best of these stocks worth investing in.
Best Psychedelic Stocks
Basically, all psychedelic stocks involve health stocks that use hallucinogens to treat illnesses. This sector is relatively new in the market; thus, most companies receive relatively low market capitalizations. Nevertheless, most of these stocks are growing rapidly.
At Life Sciences
Having prominent traces from venture capitalists such as billionaire Peter Thiel, it’s not surprising that this stock is the largest biotech stock focusing on psychedelic drugs. The Life Sciences company was established in 2018 but went public in mid-2021.
Also, this company has acquired strategic investments in various psychedelic companies like Compass Pathways. This company’s pipeline features nine programs, and four of them are in clinical testing. RL-007, the company’s lead candidate, is under evaluation in the phase 2 clinical study. It is being considered a potential treatment for schizophrenia. Again, the first major collaboration between a big pharma company and psychedelic-focused biotech occurred here when R-ketamine was developed. This drug is used in treating depression. The market CAP of this company is about $860 million.
Compass Pathways
Compass Pathway’s market CAP is about $553 million, and its roots date back to 2015, when it was founded as a non-profit organization. The company aimed to support research and establish a psilocybin therapy for persons with end–of–life anxiety. In September 2020, the company listed its shares on the Nasdaq stock exchange. Compass Pathways conducted the largest clinical trial in the history of psilocybin therapy, and it plans to advance this experimental therapy into late-stage testing in 2022. It developed the COMP360 drug, which is used to treat resistant depression.
Cabin
The cabin was founded in 2019, and its market CAP takes about $148 million. This company went public in 2020 on Canada’s NEO Exchange, while its shares started trading on the New York Stock Exchange in 2021. Cabin plans to expand its lead candidate, CYB001, in 2022 to enable it to treat major depressive disorders.
Mind Medicine
This company is called MindMeld, and its market CAP takes about $454 million. Mind Medicine stands out as the first psychedelic drug maker to perform an initial public offering on Canada’s NEO Exchange. This was done in March 2020, while the company had been established in May 2019, less than a year earlier. The lead program of the company is Project Lucy, which aims to evaluate LSD therapy phase 2a clinical study for treating anxiety. Mind Medicine also involves two more candidates, LSD micro-dosing and 18-MC, in its pipeline.
In conclusion, investing in Psychedelics is one of the best decisions in 2022.