5 Best Psychedelic Stocks to Buy

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

5. COMPASS Pathways plc (NASDAQ:CMPS)

Number of Hedge Fund Holders: 21

COMPASS Pathways plc (NASDAQ:CMPS) is a mental healthcare company based in the United Kingdom. The company is actively engaged in the development of psilocybin therapy, progressing through late-stage clinical trials in both Europe and North America. The focus is on patients experiencing treatment-resistant depression (TRD). COMPASS Pathways plc (NASDAQ:CMPS) has formulated COMP360, a psilocybin formulation incorporating pharmaceutical-grade polymorphic crystalline psilocybin. A Phase IIb clinical trial for psilocybin therapy in TRD has been completed across 22 sites in Europe and North America, evaluating the safety and efficacy of COMP360 in three doses: 1mg, 10mg, and 25mg.

During 2023’s September quarter, 21 out of the 910 hedge funds profiled by Insider Monkey had held a stake in the company. COMPASS Pathways plc (NASDAQ:CMPS)’s biggest hedge fund investor is Catherine D. Wood’s ARK Investment Management due to its $18 million investment.

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