Life Sciences
Psychedelic Stock Market Update | November 2022
Let’s get straight to it: The psychedelic stock market continues to underperform. Taking a look at our Psychedelic Invest Index, we can see that only…
Let’s get straight to it: The psychedelic stock market continues to underperform.
Taking a look at our Psychedelic Invest Index, we can see that only two companies that trade for a greater than $50 million market cap were up in the month of November: atai Life Sciences (ATAI) & GH Research (GHRS).
Wait, there are only stocks trading at a greater than $50 million market cap?… You are probably asking yourself.
They sure are.
Psychedelic Invest’s Index now only has eight companies trading over a $50 million market cap…
Five trading over $100 million…
And only two trading over $500 million.
Simply put, the psychedelic stock market has taken a beating. If you were to add up the market capitalizations for every psychedelic stock, it would ring up to less than $2.5 billion.
To put this in perspective, atai’s IPO at the height of the psychedelic bull market was worth more than $3 billion.
With that being said, let’s try to look at a few positive pieces of news from November.
Colorado Voters Pass Proposition 122 Legalizing Psilocybin
The votes are in, and Colorado citizens want access to psychedelics. On November 8, 2022, Colorado became the second US state to vote on a measure that legalizes psilocybin access in a therapeutic setting and decriminalizes personal use. Learn more here.
Venture Funding Strong
In November we saw two funding rounds that caught our attention. Although these rounds are not for public companies, the amount raised and valuations are worth noting for future public listings.
Sensorium Raises $30 Million
Sensorium Therapeutics announced it closed a $30 million Series A financing round for its compounds SENS-01 and Biodynamic Discovery Platform (BDP.) The funding round was led by healthcare and life sciences investment firm Santé Ventures, along with Iter Investments, Route 66 Ventures, CU Healthcare Innovation Fund, WPSS.bio, Palo Santo, Ocama Partners and re.Mind Capital.
Lusaris Therapeutics Raises $60 Million
Lusaris Therapeutics announced its launch with $60 million in Series A financing to advance LSR-1019, a sublingual formulation of 5-MeO-DMT for patients with treatment-resistant depression (TRD) and other severe neuropsychiatric disorders. The round was led by RA Capital Management, with participation from Venrock Healthcare Capital Partners, Deep Track Capital, and Boxer Capital.
For specific news into the public markets, in November our very own Adam Tubero did deep dives into both atai Life Sciences (ATAI) and MindMed (MNMD). You can view those below.
therapeutics
psychedelics
life sciences
healthcare
psilocybin
dmt
psychedelic
depression
stocks
index
markets
trading
fund
Wittiest stocks:: Avalo Therapeutics Inc (NASDAQ:AVTX 0.00%), Nokia Corp ADR (NYSE:NOK 0.90%)
There are two main reasons why moving averages are useful in forex trading: moving averages help traders define trend recognize changes in trend. Now well…
Spellbinding stocks: LumiraDx Limited (NASDAQ:LMDX 4.62%), Transocean Ltd (NYSE:RIG -2.67%)
There are two main reasons why moving averages are useful in forex trading: moving averages help traders define trend recognize changes in trend. Now well…
Asian Fund for Cancer Research announces Degron Therapeutics as the 2023 BRACE Award Venture Competition Winner
The Asian Fund for Cancer Research (AFCR) is pleased to announce that Degron Therapeutics was selected as the winner of the 2023 BRACE Award Venture Competition….