- Despite the year-to-date selloff Companies with exposure to psychedelic therapies are on the rise in the morning hours Wednesday extending the recent momentum.
- The uptick follows an announcement from Seelos Therapeutics ( SEEL ) on Wednesday that Michael J. Fox Foundation, the world's largest nonprofit funder of Parkinson's research has selected the company for a research grant.
- While Seelos ( SEEL ) added more than ~8%, its rivals in psychedelics SciSparc Ltd. ( SPRC ), Bright Minds Biosciences Inc. ( DRUG ) and Mind Medicine (MindMed) ( NASDAQ: MNMD ) gained double digit percentage gains despite YTD selloff.
- The recent interest in the space comes after reports last week that a U.S. college student who made $110M fortune trading the meme favorite Bed Bath & Beyond ( BBBY ) built an activist stake in the MNMD which closed ~36% higher Thursday in reaction to the news.
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Psychedelic stocks surge as Seelos wins research grant for Parkinson's research