Psyched: Steve Cohen's New Biopharma Bet, California Gov. Authorizes Medical Psychedelics & More

Steve Cohen Keeps Betting On Biopharma With Purchase Of 119M+ Bionomics Shares

NY Mets owner Steve Cohen has bought as many as 119,092,680 ordinary shares of clinical-stage biopharmaceutical company Bionomics Limited BNOX through his Point72 asset management firm, again showing support for the biopharma sector (See recent buy of Cybin CYBN shares.)

The Australia-based company currently trades on the Nasdaq and in the Frankfurt Stock Exchange (Fra) by means of American Depositary Shares (ADS) and recently announced its delisting intentions from the Australian Securities Exchange (ASX) following a U.S.-focused transformation plan. Read more HERE.

Gov Newsom Green Lights Medical Psychedelics If Rescheduled And New Marijuana Testing Rules

Governor Gavin Newsom (D) signed two of several psychedelics and marijuana proposals.

AB1021 enables “a physician, pharmacist, or other authorized healing arts licensee acting within their scope of practice” to prescribe and dispense current Schedule I drugs -including the designated “breakthrough therapies” concerning psilocybin and MDMA- once their federal status changes. Read more HERE.

Maine's Portland Leads Drug Policy Reform Decriminalizing Psychedelic Plants And Fungi + Weekly States Update

The City Council in Portland, Maine voted 6-3 in favor of a resolution deprioritizing local law enforcement for possession, use, cultivation for personal use, or sharing psychedelic plants and fungi, placing controlled substances consumption as a public health matter. Read more HERE.

Check out this week’s psychedelics reform update including moves -in and out of legislatures- in Massachusetts, Pennsylvania, Maine, California, Michigan, Minnesota and Indiana.

The Milestone Round

• Cybin CYBN completed dosing in its Phase 2 study of CYB003 for Major Depressive Disorder treatment.

• GH Research's GHRS psychedelic drug candidate for depression got the clinical program on hold by the FDA.

• Atai Life Sciences ATAI completed its Phase 1 clinical study of novel oral film DMT formulation.

• A risk management perspective to psychedelic therapy providers from a cannabis insurance specialist.

• BrainFutures' new guide for decoding insurance reimbursement on psychedelic-assisted therapy.

• Insider's look at the psychedelics industry on risk management, gray market, and the cannabis industry.

• Argentina's Nacho Bottinelli shares his thoughts on psychedelics in Latin America and how Brazil opened ‘a giant portal.’

• Zappy Zapolin hopes to put ibogaine front and center for addiction.

See Also: Last Week's Edition Of 'Psyched'

Psychedelics ETF Weekly Performance

AdvisorShares Psychedelics ETF PSIL opened Monday, Oct. 2 at almost $1.62, slightly accelerating the opening price downtrend (prior weeks were $1.68, $1.70, $1.75, and $1.79.)

On Friday 6, it closed at $1.53, also lower than prior closings ($1.61, $1.66, $1.74 and $1.78, respectively.)

Week’s highest was $1.64 on Wed. 4, down from prior weeks’ highest at $1.76, $1.74, $1.77 and $1.8.

Week’s lowest was $1.51 during Thursday 5, down from prior lowests at $1.61, $1.62, $1.71 and $1.73.

The ETF’s yearly price range has again been changed, now set between $3.17 and $1.51 (vs. just last week set at $3.24-$1.60.)

Highest Trading Psychedelics Stocks Friday, Oct. 6 At Close

• GH Research GHRS closed at $8.70, considerably lower than the prior week’s closing at $10.05, and also lower than prior Fridays’ closings ($10.33, $10.50 and $10.)

• COMPASS Pathways CMPS closed at $6.88, down from past closings at $7.40, $7.87 and $9.41.

• Mind Medicine (MindMed) MNMD closed at $3.09, almost the same as last week’s closing at $3.13, and thus down from weeks’ closings at $3.62, $4.17 and $4.00.

• Enveric Biosciences ENVB closed at $2.24, behind prior Friday's closings at $2.38, $2.28 and $2.22.

• Silo Pharma SILO closed at $1.66, almost the same as past Friday’s closing ($1.67) and lower than prior closings at $1.79, $1.85 and $1.98.

• Bright Minds Biosciences DRUG closed at $1.47, also behind all recent past closings at $1.6, $1.73, $1.57 and $1.92.

• Atai Life Sciences ATAI closed at $1.39, up from last two Fridays’ at $1.29 and $1.30 yet still down from prior weeks closings at $1.45 and $1.43.  

• FSD Pharma HUGE closed at $1.2, almost the same as last week ($1.21) and still under prior closings at $1.26, $1.5 and $1.23.

• Incannex Healthcare IXHL closed at $1.09, down from past weeks’ closings at $1.14, $1.18, $1.40 and $1.33.

• Cybin CYBN closed at $0.56, slightly higher than the prior week’s closing at $0.53, and sustaining the upward trend as of Fridays 15 and 8 (closings at $0.33.)

• Lucy Scientific Discovery LSDI closed at $0.36, noticeably down from past weeks’ closings $0.60, $0.69, $0.65 and $0.72.