Psyched: Defense Dept.'s Ketamine Trial, Cybin's Psilocybin, Metabolic Disorders, Reform Update And More
Portfolio Pulse from Lara Goldstein
The Department of Defense Health Agency is funding a trial for PTSD treatment using Seelos Therapeutics' intranasal ketamine, SLS-002. Cybin Inc. reported strong efficacy in its Phase 2 trial of psilocybin derivative CYB003 for Major Depressive Disorder. Clearmind Medicine announced results from a pre-clinical trial combining its MEAI treatment with SciSparc's PEA for various disorders. Clearmind also underwent a reverse stock split to comply with Nasdaq's minimum bid price rule. Beckley Retreats is launching a new psilocybin retreat program, and Mindbloom is introducing a ketamine therapy program. Seelos Therapeutics launched a public offering, and other companies reported financial results or updates. The AdvisorShares Psychedelics ETF and several psychedelics stocks' trading performance are also highlighted.
December 05, 2023 | 3:12 pm
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POSITIVE IMPACT
Cybin Inc. released full Phase 2 trial results for its psilocybin derivative CYB003, showing strong treatment efficacy for Major Depressive Disorder.
Positive trial results typically lead to increased investor confidence and potential short-term stock appreciation.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEUTRAL IMPACT
Clearmind Medicine released results from its pre-clinical trial and underwent a 1-for-30 reverse stock split to comply with Nasdaq's minimum bid price rule.
Trial results could be positive, but the reverse stock split may indicate underlying financial concerns, leading to a neutral short-term impact.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
AdvisorShares Psychedelics ETF had a weekly performance with the highest opening price at $1.43 and the lowest at $1.27.
The ETF's performance reflects the overall sector's volatility, with no specific news causing a direct impact.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 70
NEUTRAL IMPACT
Clearmind Medicine's pre-clinical trial included SciSparc Ltd's PEA, an anti-inflammatory agent.
Involvement in the trial is positive, but as it's pre-clinical, the short-term impact on the stock is likely limited.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Seelos Therapeutics is conducting a DOD-funded trial for PTSD treatment using its intranasal ketamine, SLS-002, and launched a $5.55 million public offering, causing its stock to drop 35%.
The public offering and subsequent stock price drop indicate a negative short-term impact, despite the positive news of the DOD-funded trial.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100