5 Most Promising Psychedelic Stocks According to Hedge Funds

In this piece, we will take a look at the five most promising psychedelic stocks according to hedge funds. If you want to learn more about how the landscape around psychedelics is changing, then read 11 Most Promising Psychedelic Stocks According to Hedge Funds.

5. Relmada Therapeutics, Inc. (NASDAQ:RLMD)

Number of Hedge Fund Investors In Q3 2023: 13

Relmada Therapeutics, Inc. (NASDAQ:RLMD) is a biotechnology company developing treatments for major depressive disorder. The firm’s third quarter earnings saw management tout the benefits of psilocybin in low doses to treat liver disorders – which is a rather unique application of psychedelics.

By the end of Q3 2023, 13 out of the 910 hedge funds covered by Insider Monkey’s research were Relmada Therapeutics, Inc. (NASDAQ:RLMD)’s shareholders. David Kroin’s Deep Track Capital was the largest shareholder as it owned $8.5 million worth of shares.

4. COMPASS Pathways plc (NASDAQ:CMPS)

Number of Hedge Fund Investors In Q3 2023: 21

COMPASS Pathways plc (NASDAQ:CMPS) is a British company developing treatments for nervous system disorders. December 2023 was a great month for the firm as its trial for psilocybin in PTSD patients yielded favorable results.

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.

3. Sage Therapeutics, Inc. (NASDAQ:SAGE)

Number of Hedge Fund Investors In Q3 2023: 25

Sage Therapeutics, Inc. (NASDAQ:SAGE) is an American firm developing treatments for a wide variety of diseases such as bipolar depression, Huntington’s Disease, and others. Its shares are rated Buy on average and analysts have set an average share price target of $25.17.

As of September 2023, 25 out of the 910 hedge funds surveyed by Insider Monkey had bought and owned Sage Therapeutics, Inc. (NASDAQ:SAGE)’s shares. William Leland Edwards’s Palo Alto Investors was the largest shareholder courtesy of its $20.6 million stake.

2. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

Number of Hedge Fund Investors In Q3 2023: 37

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) focuses on treatments for central nervous system disorders such as depression and schizophrenia. The firm posted strong earnings results for its third quarter in October, when it shared that revenue had grown to $126 million compared to the year ago figures of $71 million.

By the end of this year’s third quarter, 37 out of the 910 hedge funds part of Insider Monkey’s research had invested in the company. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)’s biggest hedge fund investor is David Kroin’s Deep Track Capital through its $135 million stake.

1. Alkermes plc (NASDAQ:ALKS)

Number of Hedge Fund Investors In Q3 2023: 37

Alkermes plc (NASDAQ:ALKS) is a pharma company headquartered in Dublin, Ireland. It scored a win in December 2023 when the shares were added to the S&P SmallCap 600 index.

37 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database were Alkermes plc (NASDAQ:ALKS)’s shareholders. Alex Denner’s Sarissa Capital Management was the largest shareholder as it owned $197 million worth of shares.

Disclosure: None. You can also take a look at 14 Best Automation Stocks To Buy Now and 10 Best Robinhood Stocks To Buy According To Hedge Funds.