Psychedelic Stocks Trip Up After FDA Advisors Reject MDMA For PTSD Treatment
Portfolio Pulse from Aaron Bry
FDA advisors rejected MDMA for PTSD treatment, causing a significant drop in psychedelic stocks. Cybin Inc (CYBN), Mind Medicine (MNMD), ATAI Life Sciences (ATAI), and AdvisorShares Psychedelics ETF (PSIL) all saw declines. The ruling is a setback for the industry, though the FDA is not bound by the advisory board's recommendation.
June 05, 2024 | 7:26 pm
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NEGATIVE IMPACT
ATAI Life Sciences (ATAI) opened down more than 14% but recovered some losses, ending around 6% lower after the FDA advisory panel's decision.
ATAI Life Sciences experienced a significant drop at market open but managed to recover some losses, ending the day around 6% lower. The FDA advisory panel's decision directly impacted the stock.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
Cybin Inc (CYBN) saw a decline of more than 10% after FDA advisors rejected MDMA for PTSD treatment, impacting the broader psychedelic sector.
The rejection of MDMA for PTSD treatment by FDA advisors directly impacts Cybin Inc, which develops psychedelic-based treatments. The stock dropped over 10% as a result.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Mind Medicine (MNMD) traded lower by more than 8% following the FDA advisory panel's rejection of MDMA for PTSD treatment.
Mind Medicine, which also focuses on psychedelic-based treatments, saw its stock decline by over 8% following the FDA advisory panel's decision.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
AdvisorShares Psychedelics ETF (PSIL) traded around 6% lower following the FDA advisory panel's rejection of MDMA for PTSD treatment.
The AdvisorShares Psychedelics ETF, which tracks many publicly traded psychedelic stocks, fell around 6% following the FDA advisory panel's decision.
CONFIDENCE 80
IMPORTANCE 55
RELEVANCE 60