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3 Top Psychedelic Stocks to Own Now

Psychedelic stocks - 3 Top Psychedelic Stocks to Own Now

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Psychedelics could be a game-changer for millions struggling with mental health issues. And as a result, psychedelic stocks could be a game-changer for your portfolio.

Psilocybin, for example, has been shown to help with depression, anxiety, OCD, PTSD and addiction. LSD may be able to help with anxiety. MDMA may be beneficial for eating disorders.  Plus, there are quite a few major studies from the likes of Johns Hopkins and New York University that are showing progress with psychedelics and mental health.

For example, The Beckley Foundation found that, “Psilocybin was well-tolerated and induced rapid and lasting reduction in the severity of depressive symptoms,” as quoted by MarketWatch.  Even the US FDA has called psilocybin a “breakthrough therapy.”

In addition, as I quoted on January 8:

“As patents on many conventional antidepressants begin to expire – and public and regulatory opinion regarding psychedelics is changing – 2021 will be the time that psychedelic therapy casts a spotlight on the limitations of current mental-health care treatments, and highlights a bold alternative,” according to Wired U.K. contributor Robin Carhart-Harris.

With excitement building, some of the top psychedelics stocks to consider include:

  • Mind Medicine (NASDAQ:MNMD)
  • Cybin Inc. (OTCMKTS:CLXPF)
  • Compass Pathways (NASDAQ:CMPS)

Psychedelic Stocks: Mind Medicine (MNMD)

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The last time I weighed in on Mind Medicine, it traded on the OTC under MMEDF.

That was on January 8, as the stock traded around $2.15. Today, the stock is up to $3.16 a share on the NASDAQ and could push higher as it studies the benefits on LSD with anxiety, pain and adult ADHD. If it sees further success, the company could be exposed to multi-billion mental health markets, including the $4.7 billion anxiety market, and the $9.5 billion ADHD market.

“These are still very early innings for us,” MindMed’s co-founder and CEO JR Rahn told Yahoo.  With regards to moving to the NASDAQ, he says, “I think it’s a sign that the entire psychedelics industry is growing up. We’re accessing a whole new fresh set of investors that hasn’t been able to access us before. I think that’s going to include sovereign wealth funds, pension funds and further retail investors.”

Psychedelic Stocks: Cybin Inc. (CLXPF)

psychedelic styling

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Along with Mind Medicine, I highlighted an opportunity in Cybin on January 8. At the time, the stock traded around $1.22. It’s now up to $1.64. While it could pull back near-term on overbought conditions, I still like Cybin long-term for two key reasons.

One, it just demonstrated Proof of Concept for its “deuterated trytamine” programs for depression and addition. Two, it just selected Alcohol Use Disorder (AUD) “as the initial target indication for its proprietary deuterated psychedelic tryptamine, CYB003,” as noted in a company press release.

In addition, “The evidence of increased alcohol use during this ongoing pandemic is startling. For so many individuals and families, Alcohol Use Disorder can be disruptive, even devastating. We are optimistic that CYB003 could have the potential to improve the lives of AUD sufferers and their loved ones by providing a durable respite from alcohol dependence and the potential to overcome this often-crippling disease,” stated Doug Drysdale, Chief Executive Officer, as also quoted in a company press release.

Psychedelic Stocks: Compass Pathways (CMPS)

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I also weighed in on Compass Pathways on January 8. At the time, CMPS traded at $47.49. While it’s flopped to $33.76, it’s still an attractive opportunity long-term.

For one, the New England Journal of Medicine just reported signs of “positive activity in COMP360 psilocybin compared with the standard antidepressant escitalopram, for major depressive disorder (MDD),” as noted in a company press release. Further success could give the company access to about 320 million patients all over the world.

Two, its COMP360 treatment has been designated as an FDA breakthrough therapy for treatment-resistant depression (TRD). Success here could give the company access to about 100 million patients struggling with TRD.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

Article printed from InvestorPlace Media, https://investorplace.com/2021/05/3-top-psychedelic-stocks-to-own-now/.

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