Psychedelics have evolved over the years and now they are being considered as a potential tool to treat mental illness and addiction issues.
The entire psychedelics industry is under the spotlight in North America amid increased acceptance and growing market size of its global market.
According to a report by research firm Data Bridge Market Research, the psychedelic drugs market size is estimated to reach US$10.75 billion by 2027. This sector will likely grow at a compound annual growth rate (CAGR) of 12.36 per cent between 2021 to 2027.
In this article, we will explore four psychedelic stocks Canadian investors are tripping on now. Let's explore:
Field Trip Health Ltd. (TSX:FTRP)
The Toronto-based company is developing immersive psychedelic therapies. It is studying the psychedelic molecules for healing issues like depression and past trauma.
FTRP stock returned 57 per cent to its shareholders in the past six months and climbed 70.6 per cent year-to-date (YTD). The scrips were priced at C$ 7.13 apiece at market close on Wednesday, June 23, 217 per cent up from a 52-week low of C$ 2.25 on October 7, 2020.
CYBIN INC. (NEO:CYBN)
This Canadian biotechnology company, aiming to improve psychedelic therapies, CYBIN announced and on June 22 that its 51st pre-clinical study is now complete. The study details about the increasing number of psychedelic compounds that can be used for various mental ailments.
CYBIN holds a market cap of C$ 367.4 million, as per TMX data. Its stock closed at C$ 2.48 apiece, a little less than its 52-week high of C$ 2.6 on January 15, 2021.
The share prices of this biopharma company soared by 31 per cent in the last six months, meanwhile, the stock catapulted by about 84 per cent quarter-to-date (QTD).
Revive Therapeutics Ltd (RVV:CSE)
Revive Therapeutics has partnered with the University of Health Sciences Antigua for the development of psychedelic therapies in Caribbean nation Antigua and Barbuda. The Canadian biotechnology company is engaged in developing psychedelic drugs.
RVV stock skyrocketed by 156 per cent in the past year and outperformed the Toronto Stock Exchange Composite Index which grew about 98 per cent in comparison. Meanwhile, the share prices soared by about nine per cent in the past week.
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Revive Therapeutics holds a debt-to-equity ratio of 0.9 and its market cap is worth C$ 158.2 million. The shares were priced at C$ 0.5 apiece at market close on June 23.
Mind Medicine Inc. (NASDAQ:MNMD)
This biopharmaceutical company is developing a variety of drugs based on different psychedelic substances like Psilocybin, MDMA or methamphetamine, LSD and dimethyltryptamine or DMT.
MNMD stock touched a 52-week high of US$ 5.77 on April 27, 2021, and it closed at US$ 3.47 apiece on June 23. The Mind Medicine stock prices soared by 840 per cent in the past year and two per cent month-to-date (MTD).
The average daily trading volume of MNMD shares was approximately 10.5 million shares in the last ten days.
The stock is also listed on Canada’s NEO exchange.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.