9 Best Psychedelic Stocks to Buy in 2026

7. Bright Minds Biosciences Inc (NASDAQ:DRUG)

Number of Hedge Fund Holders: 22

Average Upside Potential: 70.06%

Bright Minds Biosciences Inc (NASDAQ:DRUG) is among the best psychedelic stocks to buy in 2026. The company has multiple psychedelic drug candidates, including potential medicines for epilepsy. Its flagship product candidate is BMB-101, which is being developed as a treatment for absence epilepsy.

On March 5, H.C. Wainwright weighed on Bright Minds Biosciences Inc. (NASDAQ:DRUG) stock, raising the price target to $145 from $115 while reaffirming a Buy rating. This action followed H.C. Wainwright’s meeting with the company’s management and a review of Phase 2 study data for the lead product candidate BMB-101.

Bright Minds Biosciences is developing BMB-101 as a treatment for drug-resistant absence seizures as well as developmental and epileptic encephalopathies. In the Phase 2 trial, the compound met the primary efficacy endpoints for both targeted indications. That study was dubbed the BREAKTHROUGH trial, and its data was released in January.

After reviewing the Phase 2 trial data for BMB-101, H.C. Wainwright raised its probability of success for BMB-101 to 60% from 25%.

New York-headquartered Bright Minds Biosciences Inc (NASDAQ:DRUG) is a biotechnology company developing therapeutics for neuropsychiatric disorders. Its portfolio features multiple drug candidates, including BMB-101, a potential treatment for epileptic encephalopathies and absence epilepsies. Its other drug candidates include BMB-201, BMB-202, and BMB-105.