Billionaire-Backed Psychedelic Stocks Await Study for Liftoff
- Compass Pathways to reveal results from psilocybin study soon
- Top holder Atai, as well as other psychedelic stocks may move
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A potential “magic mushroom” cure for depression could give stagnating psychedelic stocks a leg up if the results of a study expected before year end are encouraging.
Two once-hot biotechnology companies backed by billionaires including Peter Thiel and German investor Christian Angermayer have lost momentum in the past few months as the industry awaits the results from the first larger-scale study of psilocybin, the hallucinogenic chemical in psychedelic mushrooms. Atai Life Sciences N.V. has tumbled around 22% after hitting a record shortly after its June initial public offering, and its partner Compass Pathways Plc has fallen 27% from its December record high.