6 Largest Psychedelic Compound-Based R&D Stocks Continued Downwards, On Average, This Week

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The 6 psychedelic compound-based research & development stocks in our munKNEE Psychedelic Drug Stocks Index were down an average of 1.4% this week and are now down 18.3% MTD and are ranked below in descending order as to their performances.

1. Compass Pathways (CMPS): UP 8.9% this week; DOWN 1.3% MTD
   • focused on the use of psilocybin* (magic mushrooms) in their research. Go here for much more extensive information on Psilocybin.
   • Short Interest: 15.1%  - A high short interest signals that investors have become more bearish and may be getting ready to sell and, as such, that it may be time to liquidate a long position.
   • Read: COMPASS Pathways Announces Up to $285 Million Private Placement Financing Joined by Leading Healthcare Investors
2. Incannex Healthcare (IXHL): UP 1.4% this week; DOWN 21.0% MTD
   • is researching and developing therapies and products with the world's largest portfolio of medicinal cannabinoid and psychedelic pharmaceutical products.
   • Short Interest: NA
   • Read: Incannex Full Steam Ahead Towards Sleep Apnea Trial and Incannex to Prepare an FDA Investigational New Drug  Application for Psilocybin-assisted Psychedelic Psychotherapy Program, Known as Psi-GAD
3. Atai (ATAI): DOWN 2.5% this week; DOWN 25.2% MTD
   • focused on the use of ketamine*, DMT* and ibogaine*.  Go here for much more extensive information on Ketamine and here for much more extensive information on DMT.
   • Short Interest: 3.1%
   • Read: atai Life Sciences Reports Second Quarter 2023 Financial Results and Operational Highlights, and Announces Clinical Data from the Phase 1 Study of DMX-1002 (Ibogaine)
4. Seelos (SEEL): DOWN 2.7% this week; DOWN 27.8% MTD
   • focused on the use of ketamine*. Go here for much more extensive information on Ketamine.
   • Short Interest: 4.5%
   • Read: Seelos Therapeutics Provides Second Quarter 2023 Clinical Update
5. Mind Medicine (MNMD): DOWN 4.8% this week; DOWN 12.8% MTD
   • is primarily focused on the use of LSD* and MNMA*. Go here for much more extensive information on LSD and  here for much more extensive information on MNMA.
   • Short Interest: 9.5%
   • Read: MindMed Secures $50.0 Million Credit Facility with K2 HealthVentures
6. GH Research (GHRS): DOWN 7.9% this week; DOWN 28.6% MTD
   • is primarily focused on the use of mebufotenin*, the new International non-proprietary name for 5-MeO-DMT, which stands for 5-MethOxy-N,N-DiMeThyltryptamine.
   • Short Interest: 11.1%
   • Read: GH Research Reports Second Quarter 2023 Financial Results and Provides Business Updates

*Read 10 Psychedelic Substances And The 36 Companies Researching Them for a description of each of the psychedelic-based compounds mentioned in this article.

Summary

The munKNEE Psychedelic Drug Stocks Index is DOWN 1.4% this week and is now DOWN 18.3% MTD.

If you are interested in this category, consider the  AdvisorShares Psychedelic ETF (PSIL) of 23 such stocks of which the majority have market capitalizations of less than $50M. It was DOWN 4.1% this week and is now DOWN 12.8% MTD.

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