PSY - Why Seelos Therapeutics Stock Is Jumping Today
Shares of Seelos Therapeutics (NASDAQ: SEEL) were jumping 11.4% higher as of 12:28 p.m. EDT on Tuesday. The gain came after the company announced that it has been included in the Defiance Next Gen Altered Experience ETF (NYSEMKT: PSY) . This is the first exchange-traded fund (ETF) focused on psychedelics-related stocks listed on a U.S. exchange.
It's good news any time a small biotech stock is included in an ETF. As investors buy the ETF, the fund will buy more shares of the individual stocks that it holds. However, it's still too early to know for sure the full impact that the inclusion of Seelos in the Defiance Next Gen Altered Experience ETF will have. This ETF only began trading on May 28, 2021.
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Why Seelos Therapeutics Stock Is Jumping Today