Mind Medicine (OTC:MMEDF) and
Mydecine Innovations Group Inc (OTC:MYCOF) often following its moves.
After reaching an all-time high of $61.69 on Dec. 14, Compass Pathways consolidated for seven weeks before making another big push to the upside on Feb. 22. After failing to reach a new high on the push, it’s been in a sharp decline, plummeting 37% over the past six weeks.
The sector may be in for a turnaround, however, as Compass Pathway’s stock is starting to flash bullish signals.
The Compass Pathways Chart: On March 30 Compass Pathways broke up through the sloping downward trendline that had been pinning it down since Feb. 22. The stock now looks to be completing a bull flag between two key areas above a support level at $35.24 and below an overhead resistance level of $40.83. If the stock can break above the top trendline of the bull flag, it has room to move to $40.83 before a possible area of consolidation.
Alexander Volkov/Getty Images
Atai Life Sciences, the largest private psychedelics company in the world, just raised $157 million.
The fresh round of capital comes months after the company closed a record $125 million in November.
CEO Florian Brand told Insider the money will be used to double down on the company s strategy.
Just months after breaking the record for largest funding round in the psychedelics field, Atai Life Sciences has raised another $157 million to continue to develop treatments for mental illnesses like depression, addiction, and anxiety.
On Wednesday, Atai announced that it had closed its Series D financing round, which was led by existing investors Apeiron Investment Group, Christian Angermayer, Thiel Capital and new investor Woodline Partners LP, an investment firm that focuses on equity strategy within healthcare and technology.
Boston Suburbs Look To Decriminalize Natural Psychedelics
That includes psilocybin mushrooms, ayahuasca, the peyote cacti and the iboga plant.
On Wednesday, Cambridge, Massachusetts voted 8 to 1 in its City Council to decriminalize “all Entheogenic Plants and plant-based compounds,” making them a lowest law enforcement priority (h/t Marijuana Moment).
Three weeks earlier, Somerville passed a similar measure with unanimous votes from its City Council.
Cambridge and Somerville have a population of over 105,000 and 80,000, respectively.
The Cambridge resolution makes notice of the fact that the so-called War on Drugs “has historically led to unnecessary penalization, arrest, and incarceration of vulnerable people, particularly people of color and of limited financial means.”
[co-author: Madeline Campbell, Ph.D.]
Over 17 million people in the United States are diagnosed with major depressive disorder (MDD). Antidepressants and psychotherapy are the leading forms of treatment; however, antidepressants are not always an effective long-term treatment for some MDD patients. In a recently published paper, the authors examined several major research reviews on the efficacy of antidepressants and concluded the benefits of antidepressants are minimal. With the onset of the COVID-19 pandemic, the situation is more severe. Mental health professionals and patients are left searching for other alternatives for treatment-resistant depression, defined as depressive symptoms that do not improve with the use of two or more standard antidepressant medications.
It’s no exaggeration to say that 2020 served as the launching pad for psychedelics in the eyes of the capital markets. And that included us, as here at the Investing News Network (INN) we launched our own psychedelics-focused vertical.
Read on to get a sense of the psychedelics trends that are setting the stage for this promising new industry, with commentary from insiders and experts.
Psychedelics trends 2020: Markets get their bets ready as listings erupt
As mentioned, this year catapulted a fresh stock universe into existence as a variety of new companies went public across different exchanges.
While it wasn’t the first of the year, the listing of Compass Pathways (NASDAQ:CMPS) was one of the biggest landmark events for the industry in 2020. The company was the first psychedelics operation to list directly on the NASDAQ, opening the door for others to follow.