Psyched: Biden Approves Psychedelics Trials, RFK, Australia's First Legal Dedicated Clinic & More
Portfolio Pulse from Lara Goldstein
President Biden signed the 2024 NDAA, which includes funding for clinical trials with psychedelics for active military members. Robert F. Kennedy Jr. expressed support for psychedelics in mental health treatment. Incannex Healthcare (NASDAQ:IXHL) is set to open Australia's first dedicated psychedelic-assisted therapy clinic. Psychedelics stocks showed varied performance, with COMPASS Pathways (NASDAQ:CMPS) closing at $8.75, and AdvisorShares Psychedelics ETF (NYSE:PSIL) closing at $1.42.
December 27, 2023 | 3:09 pm
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POSITIVE IMPACT
COMPASS Pathways announced positive results from a Phase 2 study on PTSD, which could positively influence the stock price as it reflects progress in their clinical trials.
The announcement of well-tolerated results from COMPASS Pathways' Phase 2 study on PTSD is a positive development for the company, likely to be viewed favorably by investors and could lead to a short-term increase in the stock price.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Incannex Healthcare is opening Australia's first dedicated clinic for psychedelic-assisted therapies, which could position the company as a pioneer in the region and potentially boost investor confidence.
The opening of the first dedicated psychedelic-assisted therapy clinic in Australia by Incannex Healthcare could lead to increased visibility and credibility in the market, potentially attracting investor interest and driving up the stock price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
AdvisorShares Psychedelics ETF (NYSE:PSIL) showed a stable closing price, indicating steady interest in the psychedelics sector, which could maintain investor confidence in the ETF.
The stability of PSIL's closing price suggests a neutral short-term impact, as it indicates neither a significant gain nor loss in investor interest or confidence in the psychedelics market.
CONFIDENCE 65
IMPORTANCE 50
RELEVANCE 60