Psychedelic Stocks Tank After FDA Advisors Shoot Down MDMA Therapy For PTSD

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WNBA Sky-Fever Game With Controversial Foul On Caitlin Clark Drew 1.5 Million Viewers—Nearly 350% Above 2023 Regular Season ViewershipShares for companies focused on psychedelic medicines plummeted during premarket trading on Wednesday after independent experts advised the Food and Drug Administrationand stimulant drug MDMA, commonly known as ecstacy or molly, for post-traumatic stress disorder, a major setback for those hoping to open a new era of medicine for the often-outlawed substances.

Others hit include Relmada Therapeutics, which targets central nervous system conditions and was down around 5%, and Dublin drug developer GH Research, down around 3.5%.whether psychedelics can treat neurological diseases, appears to be a notable exception, with shares up nearly 2% during premarket trading.

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Buffett's 2024 Investment Wisdom: Psychology Matters As Much As FinancialsI am the editor of three Forbes investment newsletters: Forbes Dividend Investor, Forbes Billionaire Investor and covered call writing advisory service, Forbes Premium Income Report. Prior to joining Forbes in 2001, I was a producer and reporter at CNN Financial News, focusing on stories about entrepreneurship.
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