Psychedelic substances like MDMA and psilocybin show great potential in treating patients with neurological or psychiatric problems. Therefore, drug development companies are showing an increasing interest in the field. Given the industry’s growth potential, Wall Street analysts expect stocks in this space—MindMed (MNMD), Cybin (CYBN), and Field Trip Health (FTRP)—to soar in price. So, let’s take a closer look at these names.Psychedelics are drugs that have a psychotropic effect on the senses. The substances, which can be natural or made in laboratories, have recently been lauded as treatments for mental illnesses. Psychedelics, such as “magic mushrooms” and MDMA are being used to treat patients with post-traumatic stress disorder (PTSD), depression, and substance addiction. Last month, federal funding was granted for a psilocybin study for treating tobacco addiction, indicating the acceptance of the drug as a potential medication.
Over the past couple of years, drug development companies have rushed to seek authoritative approval for MDMA and psilocybin, adding to their role as disruptors in the nervous system disorder treatment field. In addition, the sector is also geared at creating more jobs.
Indeed, as per a Data Bridge market research report, the psychedelic drugs market is expected to grow at a 13.3% CAGR to $7.57 billion in 2028. Considering the industry’s growth potential, Wall Street analysts expect psychedelic stocks Mind Medicine (MindMed) Inc. (MNMD), Cybin Inc. (CYBN), and Field Trip Health Ltd. (FTRP) to deliver major gains.