MDMA
Cybin Rallies After Steve Cohen’s Point 72 Disclosed 8.1% Equity Purchase
Renowned hedge fund manager and Wall Street mogul Steve Cohen is showing his confidence in the psychedelic sector. Cohen’s hedge
The post Cybin Rallies…
Renowned hedge fund manager and Wall Street mogul Steve Cohen is showing his confidence in the psychedelic sector.
Cohen’s hedge fund, Point 72, which manages a staggering $26 billion in assets, recently revealed in a new filing that it has acquired more than 18 million shares of Cybin (NYSE: CYBN). This marks Point 72’s first public investment in a company dedicated to psychedelic medicine.
Cybin, a clinical-stage biotech firm, is at the forefront of developing innovative therapeutics derived from psychedelics to address major depressive disorder and anxiety.
The filing states that Point 72 bought 18.95 million shares, giving the firm an 8.1% equity. Should the purchase price be based on the last closing price, the total acquisition tag is projected to be around $6.3 million.
The world of psychedelics is drawing closer to potential FDA approvals, with promising results emerging from the MAPS Phase III trial on MDMA-assisted therapy for PTSD. The involvement of seasoned capital in the psychedelics industry serves as a significant validation, given that it has primarily been driven by retail investors until now.
Cohen has made substantial contributions to psychedelic research through his family foundation, notably standing as one of the largest supporters of the MAPS clinical trials for MDMA. Additionally, Cohen has a distinguished track record as a biotech investor and has actively engaged with companies working on cutting-edge therapeutic drugs and compounds.
Information for this briefing was found via Sedar and The New Money. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The post Cybin Rallies After Steve Cohen’s Point 72 Disclosed 8.1% Equity Purchase appeared first on the deep dive.
mdma psychedelic therapeutics psychedelic research therapy major depressive disorder depressive disorder anxiety ptsd psychedelics investors shares fund capital cybin fda research-
Law & Regulation1 week ago
FDA to weigh safety, impact of MDMA therapy for PTSD at June meeting
-
Psychedelics1 week ago
Numinus Wellness Focused on Boosting Profitability and Expanding Community Support
-
Psychedelics1 week ago
MindMed Reports First Quarter 2024 Financial Results and Business Updates
-
Psychedelics1 week ago
Oprah Daily’s Comprehensive Guide to Psychedelics: A Milestone for Industry Acceptance
-
Law & Regulation1 week ago
Compass Pathways keeps plugging away with its psilocybin study trials
-
Psychedelics1 week ago
Optimi Health Receives Export Permit from Health Canada to Ship MDMA To Tel Aviv University’s Institute for Psychedelic Research
-
Psychedelics1 week ago
The Onion Pokes Fun at Psychedelics
-
Psilocybin1 week ago
Oregon authorities give Kaya Holdings license for psilocybin treatment clinic