Legendary hedge fund manager and Wall Street tycoon Steve Cohen is betting on psychedelics.
What's happening:
- Steve Cohen’s hedge fund Point 72, which boasts over $26 billion in assets, disclosed in a new filing they have purchased over 18M shares of Cybin (NYSE:CYBN)
- This is the first public position in a psychedelic medicine company from Point 72
- Cybin is a clinical stage biotech company working on new psychedelic derived therapeutics for major depressive disorder and anxiety
Why it matters:
- Psychedelics are inching closer to FDA approvals with the latest clinical trial results from MAPS Phase III trial on MDMA assisted therapy for PTSD
- Seeing sophisticated capital participate in psychedelics is a large validation for the space as a whole, which has primarily been driven by retail investors
Going deeper:
- Steve Cohen has been one of the largest donors to psychedelic research through his family foundation, notably being one of the largest charitable backers of MAPS clinical trial for MDMA
- Further, Steve Cohen is a highly successful biotech investor and has been very active in companies developing new therapeutic drugs and compounds
