Psyched: Steve Cohen's New Biopharma Bet, California Gov. Authorizes Medical Psychedelics & More
Portfolio Pulse from Lara Goldstein
Steve Cohen, owner of NY Mets, has purchased over 119 million shares of Bionomics Limited (BNOX) through his Point72 asset management firm, showing continued support for the biopharma sector. Bionomics Limited is a clinical-stage biopharmaceutical company based in Australia, currently trading on the Nasdaq and Frankfurt Stock Exchange. The company recently announced its plans to delist from the Australian Securities Exchange (ASX) following a U.S.-focused transformation plan. In other news, the AdvisorShares Psychedelics ETF (PSIL) opened at $1.62 on Monday, Oct. 2, and closed at $1.53 on Friday, Oct. 6.
October 06, 2023 | 9:07 pm
News sentiment analysis
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NEGATIVE IMPACT
The AdvisorShares Psychedelics ETF (PSIL) opened at $1.62 on Monday, Oct. 2, and closed at $1.53 on Friday, Oct. 6, indicating a downward trend in its stock price.
The ETF's opening and closing prices for the week indicate a downward trend, which could potentially lead to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Steve Cohen's purchase of over 119 million shares of Bionomics Limited (BNOX) shows strong support for the company and could potentially boost its stock price.
The purchase of a significant number of shares by a prominent investor like Steve Cohen can often lead to increased investor confidence and a potential rise in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100