The Next Psychedelic Stock To Uplist On The Nasdaq?

TM editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

As all investors in psychedelic drug stocks already know, Canada-based MindMed Inc (US: MNMD / CAN: MMED) recently uplisted to the NASDAQ. Not surprisingly, this had a major impact on the stock.

  1. The share price immediately more-than-doubled on news of an IPO trading date.
  2. Trading volume (in early sessions) is roughly 10X pre-NASDAQ volume.

That’s a pretty big impact. But gaining a premier exchange listing (such as the NASDAQ) means even more than that.

With its primary Canadian listing, MindMed has been very successful in raising capital, having raised $187 million since its inception. But this has been the product of a total of six financings.

In comparison, NASDAQ-listed Compass Pathways (US: CMPS) raised $147 million for its IPO financing alone. The company just announced it is filing a prospectus for a new financing that can be expected to raise in excess of $100 million.

Much more efficient capital-raising. Much more investment capital available.

Atai Life Sciences is preparing to become the 3rd NASDAQ-listed psychedelic stock, having announced its plans to raise another $100 million for its IPO. For investors in psychedelic stocks, this raises an obvious question.

What will be the next psychedelic stock to be listed on the NASDAQ after that?

Best candidates to uplist to the NASDAQ

Putting aside the new companies with intentions to seek a NASDAQ listing, a few Canadian-listed companies can be seen as strong contenders to seek (and hopefully obtain) their own NASDAQ listing.

Cybin Inc (CAN: CYBN / US: CLXPF)

There is already a buzz among many investors in psychedelic drug stocks that Cybin Inc will be the next Canadian-listed company to seek to uplist to the NASDAQ. There are some good reasons for this expectation.

  • Cybin is also one of the more successful companies in raising capital, having raised ~CAD$88.8 million (US$70 million) since going public last November.
  • Cybin has advanced drug R&D, commencing a Phase II clinical trial on a psilocybin-based therapy for Major Depressive Disorder.
  • Cybin has received considerable analyst coverage, in both Canada and the U.S.
  • Cybin recently announced a drug development agreement with Catalent Inc, a major player in the global pharmaceutical industry.
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Disclosure: The writer holds shares in MindMed Inc, Cybin Inc, Numinus Wellness, Mind Cure Health, and Novamind Inc.

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Lorimer Wilson 1 week ago Contributor's comment

Very interesting article, Jeff. Your readers might also be interested in my latest article (updated weekly) entitled "Psychedelic Drug Stocks Category Is +6% Month-To-Date"

Keep up the great work!