The psychedelic compound-based clinical stage drug research and development sector is up by 12.3% in the last 2 weeks in response to the FDA's recent release of a positive draft guidance for developing psychedelic treatments last week.

The 6 largest stocks in the Psychedelic Drug Stocks Index are ranked below as to their performances so far this month (i.e. MTD) and YTD:

1. Atai (ATAI): UP 18.6% MTD; DOWN 20.9% YTD
   • 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.
   • current short interest: 3.6%
   • Read: Atai Life Sciences: Long On Money; Short On Success
2. Mind Medicine (MNMD): UP 18.2% MTD; UP 93.6% YTD
   • 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.
   • current short interest: 9.1%
   • Read: MindMed: Researching LSD And MNMA To Treat Neurological Diseases
3. Compass Pathways (CMPS): UP 15.1% MTD; UP 22.0% YTD
   • Compass is a pre-revenue biotech company that's nowhere close to commercializing its flagship therapy, COMP360, which is being investigated for treatment-resistant depression (TRD), among a smattering of other potential indications like post-traumatic stress disorder (PTSD),
   • is focused on the use of psilocybin* (magic mushrooms) in their research. Go here for much more extensive information on Psilocybin and
   • analysts on Wall Street are figuring, on average, that its shares will explode by over 300% to reach around $42.30 within the next 12 months (Source)
   • current short interest: 15% - 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.
4. Seelos (SEEL): UP 10.8% MTD; UP 104.6% YTD
   • focused on the use of ketamine*. Go here for much more extensive information on Ketamine.
   • current short interest: 4.8%
   • Read: Seelos Addressing Significant And Unmet Needs In Rare Psychiatric And Movement Disorders
5. Incannex Healthcare (IXHL): UP 9.3% MTD; DOWN 28.6% YTD
   • is researching and developing therapies and products with the world's largest portfolio of medicinal cannabinoid and psychedelic pharmaceutical products.
   • Incannex has received approval for a Phase 2, Blinded, Placebo Controlled Clinical Trial to Determine the Effect on Pain and Function of IHL-675A in Patients with Rheumatoid Arthritis. (Source)
   • current short interest: 0%
   • Read: Incannex Healthcare Has World's Largest Pipeline Of Psychedelic Products
6. GH Research (GHRS): UP 8.3% MTD; UP 34.8% YTD
   • 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,
   •  H.C. Wainwright analyst Patrick Trucchio believes that if positive results are achieved in GHRS' proof-of-concept clinical study related to a drug for Treatment Resistant Depression and it receives FDA approval then it could generate annual revenues of more than $3 billion. He has a Buy rating on the shares backed by a $45 price target which represents a 12-month share appreciation of approximately 250%. (Source)
   • current short interest: 9.8%
   • Read: GH Resources: Focus On Treatment-Resistant Depression Paying Off 

*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 UP 12.3% MTD and is now UP 25.1% YTD.

If you are interested in this category, consider the  AdvisorShares Psychedelic ETF (PSIL) which consists of 23 such stocks. It is UP 10.9% MTD and is now UP 9.7% YTD.

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