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23/06/23

10:40

Post #: 68433378
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Originally posted by thevinnys: ↑

When Will Psychedelic Stocks Bounce Back?
Shares of publicly-traded psychedelics companies are “in the shitter,” declared veteran PR guy Lewis Goldberg of KCSA during an industry briefing presented before the start of the Psychedelic Science. No one disagreed. Indeed, it’s become conventional wisdom that startups in the sector erred by going public too soon. Venture investor Lindsay Hoover, the managing partner of the JLS Fund and one of the panelists at the briefing, said: “It’s probably too bad that these companies went public but they showed the others that it probably wasn’t a good idea.”Despite the low share prices, about 50 public psychedelics companies remain, according to Psychedelic Alpha, all with shareholders hoping for a turnaround.

What might spark a rebound? All eyes are on the MAPS Public Benefit Corporation.“I think we’re all waiting for MAPS to get the first FDA-approved psychedelic drug,” said panelist David Feldman, CEO of Skip Intro Advisors, a firm that advises psychedelics and cannabis companies. MAPS is awaiting FDA approval of MDMA-assisted therapy which has concluded clinical trials. Dina Burkitbayeva, the CEO of startup Freedom Biosciences, said investors could turn bullish on drug-development startups because of the growth of Spravato, the patented esketamine nasal spray owned by Johnson & Johnson. Spravato, which is FDA- approved for treatment-resistant depression, recorded sales of $131 million during the first quarter of 2023, up 86.9% from the same period last year. That said, no one expects a turnaround soon. “Twelve to 18 months from now could be very exciting,” Feldman said. “The folks who hang in there could be rewarded.” – Marc Gunther

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I am expecting some news from MAPS at this conference.

GLAH

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12-18 months, how many (if any) will be in business still.

Dog stock, dog sector....
bottom drawer & pray to god for a miracle.

IHL Price at posting: 10.5¢ Sentiment: Hold Disclosure: Held
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