So Far, August Isn't Kind To 4 Of 6 Constituents In Our Psychedelic Drug Stocks Index

The 6 psychedelic compound-based research & development stocks in our munKNEE Psychedelic Drug Stocks Index are down an average of 11.9% so far in August but are still up YTD. They are ranked below in descending order as to their performances MTD (month-to-date).

1. Mind Medicine (MNMD): down 2.3% 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.
   • Read: MindMed Reports Second Quarter 2023 Financial Results and Business Highlights
2. Seelos (SEEL): down 4.6% MTD
   • focused on the use of ketamine*. Go here for much more extensive information on Ketamine.
   • Read: Description Of Diseases Seelos Therapeutics Is Focused On 
3. Compass Pathways (CMPS): down 10.8% MTD
   • focused on the use of psilocybin* (magic mushrooms) in their research. Go here for much more extensive information on Psilocybin.
   • Read: COMPASS Pathways Announces Second Quarter 2023 Financial Results and Business Highlights
4. Incannex Healthcare (IXHL): down 11.3% MTD
   • is researching and developing therapies and products with the world's largest portfolio of medicinal cannabinoid and psychedelic pharmaceutical products.
   • Read: Incannex Healthcare June 2023 Quarterly Activities Report and Appendix 4C Cash Flow Statement
5. GH Research (GHRS): down 15.5% 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”.
6. Atai (ATAI): down 18.4% 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.
   • 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)

*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 11.9% MTD but is up 13.6% YTD.

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 is down 8.2% MTD and is now down 3.2% YTD.

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