Psyched: Steve Cohen Goes Big On Cybin, Fed Intervention On Psilocybin, Ketamine Insurance And More
Portfolio Pulse from Lara Goldstein
Billionaire Steve Cohen has invested nearly $19 million in Cybin Inc. (NYSE:CYBN) for psychedelics R&D. A new bill in Congress aims to discourage federal intervention in states that legalize or decriminalize psilocybin mushrooms. Enthea, a healthcare benefits administrator, is expanding its network to include psychedelic-assisted therapies in health benefit plans. Magdalena Biosciences, Jaguar Health (NASDAQ:JAGX) and Filament Health (OTC:FLHLF) are developing plant-based medicines for mental health indications. The AdvisorShares Psychedelics ETF (NYSE:PSIL) opened at $1.70 on Sept. 18, slightly below previous openings.
September 26, 2023 | 1:28 pm
News sentiment analysis
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NEGATIVE IMPACT
The AdvisorShares Psychedelics ETF's recent performance has been slightly below previous weeks.
The ETF's recent performance has been slightly below previous weeks, which could indicate a potential downward trend.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Steve Cohen's investment in Cybin could boost the company's credibility and stock price.
The investment by a high-profile investor like Steve Cohen could increase investor confidence in Cybin, potentially driving up its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Jaguar Health's joint venture with Magdalena Biosciences and Filament Health could potentially boost its stock price.
The joint venture for developing plant-based medicines could potentially boost Jaguar Health's stock price as it expands its product portfolio.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80