7 Psychedelic Stocks to Watch | Stock Market News

Atai Life Sciences is developing multiple drugs based on ibogaine, ketamine and other psychedelic substances. Atai went public in June, and its early investors include billionaire venture capitalist Peter Thiel. The company has struggled since it priced its IPO at $15, and the stock is now trading at less than $8 per share. However, with a market cap of $1.2 billion, Atai is still the largest biotech stock specifically focused on psychedelics. Atai has nine drug candidate programs, four of which are already in clinical testing. Its leading drug candidate, RL-007, is in phase 2 testing for treatment of schizophrenia.

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