The psychedelic compound-based research & development sector responded positively to the FDA's recent release of draft guidance for developing psychedelic treatments last week. Members of the Congressional caucus for Psychedelics Advancing Therapies stated that it was "welcome news".

The 6 largest stocks in the Psychedelic Drug Stocks Index are ranked below as to their performances last week and YTD:

1. Compass Pathways (CMPS): UP 19.3% last week; UP 26.5% YTD
   • focused on the use of psilocybin* (magic mushrooms) in their research. Go here for much more extensive information on Psilocybin.
   • 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.
   • Read: Atai Life Sciences: Long On Money; Short On Success
2. Atai (ATAI): UP 18.6% last week; 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%
3. GH Research (GHRS): UP 7.0% last week; UP 33.1% 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.
   • current short interest: 9.8%
   • Read: GH Resources: Focus On Treatment-Resistant Depression Paying Off 
4. Incannex Healthcare (IXHL): UP x% last week; DOWN x% YTD
   • is researching and developing therapies and products with the world's largest portfolio of medicinal cannabinoid and psychedelic pharmaceutical products.
   • current short interest: 0%
   • Read: Incannex Healthcare Has World's Largest Pipeline Of Psychedelic Products
5. Mind Medicine (MNMD): UP 4.8% last week; UP 71.6% 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
6. Seelos (SEEL): UP 0.8% last week; UP 86.2% 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

*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 UP 10.6% last week and is now UP 23.2% YTD.

If you are interested in this category, consider the  AdvisorShares Psychedelic ETF (PSIL) which consists of 23 such stocks. It was UP 10.3% last week and is now UP 9.1% YTD.

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