Publicly traded psychedelic companies like Compass Pathways and ATAI Life Sciences are expected to stay stuck in a rut or lose more value until they publish major drug trial results. Big professional investors are sitting out, the excitement that drove prices up earlier has faded, and there's no obvious near-term event to spark a recovery. Real people who own shares in these companies could keep losing money.
No de-risking catalyst on the calendar. Institutional capital sits out. Retail hype exhausted. Multiples compress until data or M&A.