Largest Psychedelic Compound-Based R&D Stocks Continue Downward Trend

The 6 psychedelic compound-based research & development stocks in our munKNEE Psychedelic Drug Stocks Index were down an average of 6% last week and are now down 17.2% so far in August. They are ranked below in descending order as to their performances last week and MTD (month-to-date).

1. Compass Pathways (CMPS): UP 1.6% last week; down 9.4% MTD
   • focused on the use of psilocybin* (magic mushrooms) in their research. Go here for much more extensive information on Psilocybin.
   • Market Capitalization: $377M
   • Stock Price: $8.24
   • 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. Atai (ATAI): down 6.0% last week; down 23.3% 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.
   • Market Capitalization: $262M
   • Stock Price: $1.58
   • 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)
3. Mind Medicine (MNMD): down 6.3% last week; down 8.5% 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.
   • Market Capitalization: $158M
   • Stock Price: $3.99
   • Short Interest: 9.5%
   • Read: MindMed Secures $50.0 Million Credit Facility with K2 HealthVentures
4. GH Research (GHRS): down 8.3% last week; down 22.5% 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 but is better known by its nickname, “The Toad”.
   • Market Capitalization: $567M
   • Stock Price: $10.90
   • Short Interest: 11.1%
5. Incannex Healthcare (IXHL): down 12.1% last week; down 22.0% MTD
   • is researching and developing therapies and products with the world's largest portfolio of medicinal cannabinoid and psychedelic pharmaceutical products.
   • Market Capitalization: $102M
   • Stock Price: $1.45
   • Short Interest: NA
   • Read: Incannex Healthcare June 2023 Quarterly Activities Report and Appendix 4C Cash Flow Statement
6. Seelos (SEEL): down 22.2% last week; down 5.8% MTD
   • focused on the use of ketamine*. Go here for much more extensive information on Ketamine.
   • Market Capitalization: $143M
   • Stock Price: $1.12
   • Short Interest: 4.5%
   • Read: Seelos Therapeutics' (NASDAQ:SEEL) investors will be pleased with their decent 52% return over the last year

*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 was down 6.0% last week and is now down 17.2% MTD.

If you are interested in this category, consider the  AdvisorShares Psychedelic ETF (PSIL), which consists of 23 such stocks (of which the majority have market capitalizations of less than $50M). It was down 5.0% last week and is now down 12.8% MTD.

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