Psyched: FDA Warning, DEA's Telehealth Extension, CA Gov's Veto, Congress On Kratom, M&As & More
Portfolio Pulse from Lara Goldstein
Cybin Inc. (NYSE:CYBN) and Small Pharma Inc. (OTC:DMTTF) shareholders have approved the acquisition of the latter by the former. The FDA has issued a warning about the misuse of ketamine and ketamine-based drugs. The DEA has extended telemedicine flexibilities for controlled medications until the end of 2024. California Governor Gavin Newsom has vetoed a bill to decriminalize certain hallucinogens. Congress is discussing kratom product regulation. The AdvisorShares Psychedelics ETF (NYSE:PSIL) continues to show a downtrend in its opening price. Several psychedelic stocks, including GH Research (NASDAQ:GHRS), COMPASS Pathways (NASDAQ:CMPS), and Mind Medicine (NASDAQ:MNMD), also closed lower.
October 16, 2023 | 7:57 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Cybin Inc.'s acquisition of Small Pharma Inc. has been approved by shareholders.
Acquisitions can lead to increased market share and potential synergies, which could positively impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
COMPASS Pathways also closed lower, confirming a descending trend.
A consistent downtrend in the closing price could indicate a negative market sentiment towards the stock, potentially leading to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
GH Research closed lower, continuing a descending trend.
A consistent downtrend in the closing price could indicate a negative market sentiment towards the stock, potentially leading to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Mind Medicine closed lower, down from prior closings.
A decrease in the closing price could indicate a negative market sentiment towards the stock, potentially leading to a further decrease in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
The AdvisorShares Psychedelics ETF continues to show a downtrend in its opening price.
A consistent downtrend in the opening price could indicate a negative market sentiment towards the ETF, potentially leading to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100