Psychedelics have picked up more and more momentum on Wall Street, with famed investors such as Kevin O’Leary and Peter Thiel recognizing the potential in the psych drug industry.
Psychedelic drugs, such as psilocybin mushrooms and LSD, were once seen merely as a way for college students and concert goers to escape reality or at least enhance it. Now, these drugs are being heavily considered by doctors throughout the world as a way to treat various mental illnesses and other health problems.
Throughout the last five trading days, Atai Life Sciences ATAI, has skyrocketed, outperforming big names such as Tesla Inc TSLA, NVIDIA Corporation NVDA and GameStop Corp GME.
Here’s how the returns break down throughout the last five trading days:
- Atai - up more than 23% from last Wednesday’s open
- GameStop- up more than 14%
- Tesla- up more than 12%
- NVIDIA- up more than 7%
What Does Atai Do?
Atai Life Sciences is a pre-clinical biotech company focused on treating
various mental illnesses and disorders using psychedelic drugs. The company has drugs in its pipeline to cure or alleviate the effects of treatment-resistant depression, schizophrenia and more.
Atai is using psilocybin, ketamine, MDMA and other similar drugs to attack these mental illnesses. Thiel, a major investor in Atai, has invested $12 million through his VC firm, Thiel Capital.
Photo Courtesy of Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.