11 Best Psychedelic Stocks to Buy in 2024

Published on December 29, 2023 at 8:47 am by Sheryar Siddiq in Hedge Funds, News

In this article, we discuss 11 of the best psychedelic stocks to buy in 2024. If you want to see more stocks in this selection, check out 5 Best Psychedelic Stocks to Buy.

Unlike substances like marijuana or cocaine, psychedelics are potent and serve as a form of gateway to an ‘alternate reality’ for those who use them. Psychedelics represent a category of hallucinogenic drugs capable of inducing non-ordinary states of consciousness. This class encompasses various chemical substances, including LSD and plant-derived compounds. Psychedelics have the potential to alter or intensify sensory perceptions, thought processes, and energy levels, often facilitating spiritual experiences. They are classified into two main groups: empathogens and dissociative drugs (e.g., PCP) and serotonergic substances (e.g., LSD). Beyond recreational use, these drugs are being explored for therapeutic purposes, showing promise in treating conditions such as major depressive disorders, treatment-resistant depression, panic disorder, post-traumatic stress disorder, and opiate addiction, among others.

Venture-capital investors have played a pivotal role in the resurgence of interest in psychedelics. In early 2020, startups in this field noticed a surge in investor appetite, marking the onset of a “psychedelic renaissance.” Clara Burtenshaw, a partner at Neo Kuma Ventures, the largest venture capital fund in Europe focused on psychedelic investments, expressed her enthusiasm for psychedelic healthcare on February 16, 2023, stating:

“Psychedelic healthcare is a very exciting area because it’s really this apex of drugs, clinics, and experimental treatments.”

Numerous pharmaceutical companies specializing in psychedelics are pursuing regulatory pathways for the legal approval of their drugs. Hallucinogens, notably psilocybin, are demonstrating significant potential in addressing conditions like depression and schizophrenia. Some of these pharmaceutical firms are publicly listed, including the likes of Johnson & Johnson (NYSE:JNJ), Merck & Co., Inc. (NYSE:MRK), and AbbVie Inc. (NYSE:ABBV), which have garnered heightened interest from investors. This trend mirrors the trajectory observed with marijuana stocks in recent years, where cannabis, once on the periphery, has evolved into a substantial and expanding industry.

Our Methodology

We selected the following psychedelic stocks based on overall hedge fund sentiment toward each stock. We have assessed the hedge fund sentiment from Insider Monkey’s database of 910 elite hedge funds tracked as of the end of the third quarter of 2023. The list is arranged in ascending order of the number of hedge fund holders in each firm.

11. Cybin Inc. (NYSE:CYBN)

Number of Hedge Fund Holders: 1

Based in Toronto, Canada, Cybin Inc. (NYSE:CYBN) is a biopharmaceutical company with a primary focus on the development of therapeutic solutions using psychedelics. The company is engaged in the creation of medications for major depressive disorders, anxiety, and alcohol use disorders, along with addressing neuroinflammation. Additionally, Cybin Inc. (NYSE:CYBN) has introduced EMBARK, a program centered around psychedelic-assisted psychotherapy.

In late November, Cybin Inc. (NYSE:CYBN) disclosed encouraging results from the Phase 2 trial of CYB003, its exclusive deuterated psilocybin analog designed for treating major depressive disorder (“MDD”). The company reported that CYB003 met the primary efficacy endpoint, demonstrating swift and statistically significant enhancements in depression symptoms following a single dose. Additionally, a second dose conferred clear incremental benefits, leading to remission in 4 out of 5 patients from their depression within 6 weeks.

As of the end of Q3, Steve Cohen’s Point72 Asset Management emerged as the primary and sole stakeholder, based on Insider Monkey’s third-quarter database.

In addition to Johnson & Johnson (NYSE:JNJ), Merck & Co., Inc. (NYSE:MRK), and AbbVie Inc. (NYSE:ABBV), Cybin Inc. (NYSE:CYBN) ranks as one of the best psychedelic stocks to invest in.

10. Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Number of Hedge Fund Holders: 3

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) is a biotechnology company based in New York that specializes in psychedelic medicine. The company is dedicated to the development of psychoplastogens and therapeutic solutions inspired by psychedelics to tackle mental illnesses and addiction.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) recently reported that it is nearing the launch of its LSD-based treatment for anxiety patients. The company anticipates more phase two trial data by the fourth quarter of this year and proof-of-concept data by the end of Q1 next year. In its Q3 financial report released on Thursday, the psychedelic firm disclosed a net loss of $17.9 million for the period ending Sept. 30, up from the $16.5 million loss in the same quarter last year. However, MindMed also stated having $117.7 million in funds, expected to cover ongoing trials and research activities “into 2026, if certain milestones are achieved that unlock additional capital.”

In 2023, Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) also expended $43.8 million in operating expenses, including $6.4 million for MM-120 studies, their LSD version for treating generalized anxiety disorder. Results from a 198-patient study of MM-120 are anticipated before year-end, with “safety and efficacy results” expected in Q1 next year. The proof-of-concept study, involving 53 patients, is also projected to reveal results in Q1 2024.

Among the hedge funds being tracked by Insider Monkey, Israel Englander’s Citadel Investment Group is a leading shareholder in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) with 237,475 shares worth more than $743,297. Overall, 3 hedge funds reported holding stakes in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) as of the third quarter of 2023.

9. Atai Life Sciences N.V. (NASDAQ:ATAI)

Number of Hedge Fund Holders: 5

Founded in 2018 and headquartered in Berlin, Germany, Atai Life Sciences N.V. (NASDAQ:ATAI) is a clinical-stage biopharmaceutical company specializing in the development of treatments for mental health disorders. These include conditions such as treatment-resistant depression, schizophrenia, opioid use disorder, anxiety disorder, and mild traumatic brain injuries.

In its third quarter 2023 financial results, Atai Life Sciences (NASDAQ:ATAI) reported limited revenue as the company continues to develop its drug portfolio. The net income of $44.2 million was primarily attributed to a $69 million non-cash change in the fair value of other investments related to an accounting method change for its CCOMPASS Pathways plc (NASDAQ:CMPS) investment. Additionally, Atai Life Sciences (NASDAQ:ATAI) recorded an $8.3 million non-cash share-based compensation expense. Despite this, the company maintains a robust cash position of $209 million, anticipating that it, along with committed term loan funding, will be sufficient to sustain operations into the first half of 2026.

According to Insider Monkey’s third quarter database, 5 hedge funds were bullish on Atai Life Sciences N.V. (NASDAQ:ATAI), compared to 7 funds in the earlier quarter. John Overdeck And David Siegel’s Two Sigma Advisors is the largest stakeholder of the company, with 107,500 million shares worth $138,675.

8. Seelos Therapeutics, Inc. (NASDAQ:SEEL)

Number of Hedge Fund Holders: 5

Seelos Therapeutics, Inc. (NASDAQ:SEEL) is a clinical-stage biopharmaceutical company headquartered in New York. The company is dedicated to advancing the development and commercialization of therapeutics targeting central nervous system, respiratory, and other disorders.

Seelos Therapeutics, Inc. (NASDAQ:SEEL) has two programs currently undergoing clinical testing. In September 2023, the company disclosed outcomes from a phase 2 study evaluating the intranasal ketamine drug SLS-002 for the treatment of acute suicidal ideation and behavior in patients with major depressive disorder. Additionally, SLS-005 (intravenous trehalose, a sugar containing two glucose molecules) is in phase 2b/3 trials for addressing the neurological disease amyotrophic lateral sclerosis (ALS) and is in phase 2 testing for managing the neurodegenerative disorder spinocerebellar ataxia type 3.

According to Insider Monkey’s third quarter database, 5 hedge funds were bullish on Seelos Therapeutics, Inc. (NASDAQ:SEEL), compared to 3 funds in the earlier quarter.

7. GH Research PLC (NASDAQ:GHRS)

Number of Hedge Fund Holders: 10

GH Research PLC (NASDAQ:GHRS) is a clinical-stage biopharmaceutical company that was established in 2018 and is headquartered in Dublin, Ireland. The company is focused on the development of therapies for the treatment of psychiatric and neurological disorders.

According to Insider Monkey’s third quarter database, 10 hedge funds were long GH Research PLC (NASDAQ:GHRS), compared to 13 funds in the earlier quarter. Mark Lampert’s Biotechnology Value Fund / BVF Inc is the biggest position holder in the company, with 9.27 million shares worth approximately $93.2 million.

Much like Johnson & Johnson (NYSE:JNJ), Merck & Co., Inc. (NYSE:MRK), and AbbVie Inc. (NYSE:ABBV), GH Research PLC (NASDAQ:GHRS) is one of the best psychedelic stocks that investors should pay attention to.

6. Relmada Therapeutics, Inc. (NASDAQ:RLMD)

Number of Hedge Fund Holders: 13

Relmada Therapeutics, Inc. (NASDAQ:RLMD) is a biotechnology company based in Florida, specializing in the clinical-stage development of diverse products for the treatment of central nervous system diseases and other disorders. Analysts consider it one of the promising psychedelic stocks in the market.

In September of this year, Relmada Therapeutics, Inc. (NASDAQ:RLMD) announced encouraging safety and efficacy outcomes from the extended Phase III REL-1017-310 trial, which assessed REL-1017 in individuals diagnosed with major depressive disorder (MDD). Over the course of up to one year, patients receiving daily doses of REL-1017 demonstrated enduring enhancements in depressive symptoms and related functional challenges. The extended administration of REL-1017 exhibited favorable tolerability in patients, featuring low rates of adverse events and the absence of any newly identified safety concerns.

According to Insider Monkey’s third quarter database, 13 hedge funds were long Relmada Therapeutics, Inc. (NASDAQ:RLMD), compared to 11 funds in the prior quarter. David Kroin’s Deep Track Capital held the biggest position in the company.

Click to continue reading and see the 5 Best Psychedelic Stocks to Buy.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

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AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

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Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

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11 Best Psychedelic Stocks to Buy in 2024

Published on December 29, 2023 at 8:47 am by Sheryar Siddiq in Hedge Funds, News

11. Cybin Inc. (NYSE:CYBN)

10. Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

9. Atai Life Sciences N.V. (NASDAQ:ATAI)

8. Seelos Therapeutics, Inc. (NASDAQ:SEEL)

7. GH Research PLC (NASDAQ:GHRS)

6. Relmada Therapeutics, Inc. (NASDAQ:RLMD)

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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11 Best Psychedelic Stocks to Buy in 2024

Published on December 29, 2023 at 8:47 am by Sheryar Siddiq in Hedge Funds, News

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11. Cybin Inc. (NYSE:CYBN)

10. Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

9. Atai Life Sciences N.V. (NASDAQ:ATAI)

8. Seelos Therapeutics, Inc. (NASDAQ:SEEL)

7. GH Research PLC (NASDAQ:GHRS)

6. Relmada Therapeutics, Inc. (NASDAQ:RLMD)

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff