Numinus is one of the few (legal) producers of natural psilocybin via its Psilocybe mushroom cultivation and the company has its own lab facility with a Health Canada Controlled Substances license. The company also has a growing network of mental health clinics, which it is also leveraging to advance its own drug development initiatives. Otherwise, Numinus looks more like Field Trip than Cybin. It hasn’t received equivalent analyst coverage to Cybin or Field Trip. Numinus has raised just over US$50 million as a public company (~CAD$68 million). However, in other ways the company doesn’t appear to be quite as strong a candidate as either Cybin or Field Trip in terms of the likelihood of a near-term NASDAQ uplisting. It was also the second-best performer among all of the leading stocks in that rally, generating a 10X return at its 2020 peak.
It was second only to MindMed as the volume leader among psychedelic stocks in the 2020 rally. Numinus Wellness actually has a stronger following among retail investors than either Cybin or Field Trip. FTRP checks many of the boxes as an uplisting prospect. While Field Trip is well off its February high (currently CAD$6.06), it has a share structure comparable with Compass Pathways, and the tightest float among public companies. It shares some similarities with Cybin as an uplisting prospect.įield Trip has raised even more capital than Cybin, in excess of US$100 million, including its recent CAD$95 million bought deal financing (US$76 million).įield Trip has also benefitted from analyst coverage, riding a CAD$8.50 price target from Stifel GMP to its February 2021 high of CAD$8.25.įield Trip’s operational focus is its well-positioned network of U.S./Canadian mental health treatment clinics, but it is also active in drug development.įield Trip is the first public company to seek to enter Oregon’s new (legal) market for medicinal psilocybin use. If Cybin maintains its stock momentum (and elevated trading volume), we could easily see CYBN announce its intention to seek a NASDAQ listing in the near term.įield Trip Health (CAN: FTRP / US: FTRPF)įield Trip Health is another leading psychedelic stock, and another leading candidate to seek to uplist to the NASDAQ. Since closing at a 4-month low on March 30th (CAD$1.28), CYBN has been the best-performing psychedelic stock outside of MindMed itself, bolstered by a recent US$10 price target (CAD$12.40) from Roth Capital Partners. Cybin recently announced a drug development agreement with Catalent Inc, a major player in the global pharmaceutical industry.Cybin has received considerable analyst coverage, in both Canada and the U.S.
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Cybin has advanced drug R&D, commencing a Phase II clinical trial on a psilocybin-based therapy for Major Depressive Disorder.Cybin is also one of the more successful companies in raising capital, having raised ~CAD$88.8 million (US$70 million) since going public last November.There are some good reasons for this expectation. There is already a buzz among many investors in psychedelic drug stocks that Cybin Inc will be the next Canadian-listed company to seek to uplist to the NASDAQ. Putting aside the new companies with intentions to seek a NASDAQ listing, a few Canadian-listed companies can be seen as strong contenders to seek (and hopefully obtain) their own NASDAQ listing. What will be the next psychedelic stock to be listed on the NASDAQ after that? Best candidates to uplist to the NASDAQ For investors in psychedelic stocks, this raises an obvious question. Much more investment capital available.Ītai Life Sciences is preparing to become the 3rd NASDAQ-listed psychedelic stock, having announced its plans to raise another $100 million for its IPO. The company just announced it is filing a prospectus for a new financing that can be expected to raise in excess of $100 million. In comparison, NASDAQ-listed Compass Pathways (US: CMPS) raised $147 million for its IPO financing alone. But this has been the product of a total of six financings. With its primary Canadian listing, MindMed has been very successful in raising capital, having raised $187 million since its inception. But gaining a premier exchange listing (such as the NASDAQ) means even more than that. Trading volume (in early sessions) is roughly 10X pre-NASDAQ volume.The share price immediately more-than-doubled on news of an IPO trading date.Not surprisingly, this had a major impact on the stock.
Such stocks are easily manipulated do your own careful due diligence.Īs all investors in psychedelic drug stocks already know, Canada-based MindMed Inc (US: MNMD / CAN: MMED) recently uplisted to the NASDAQ. TM editors' note: This article discusses a penny stock and/or microcap.
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