The MDMA FDA decision triggers a ±25% sector-wide repricing regardless of direction.

When the FDA (the US drug regulator) makes its decision on MDMA (commonly known as ecstasy) as a therapy for PTSD (post-traumatic stress disorder), the entire psychedelic investment sector will jump or drop by roughly 25%. It doesn't matter which way the decision goes — a yes or a no will both force big investors to rapidly reprice every company in this space.

Binary regulatory events are the only real catalysts. De-risking or failure both force institutional repositioning. Narrative is already priced; the decision isn't.