Psyence Biomedical Ltd (NASDAQ:PBM) shares are trading lower in Wednesday’s premarket session. Nasdaq futures are up 0.71% while S&P 500 futures have gained 0.56%.
Investors Pivot to Profit-Taking
The stock is currently experiencing a sharp reversal after soaring over 250% on Thursday. This massive rally was triggered by news that the White House is preparing an executive order to promote research into ibogaine. Investors appear to be engaging in profit-taking after the stock’s recent vertical climb.
Trump Executive Order Boosts Sector
The rally was sparked by President Donald Trump signing an executive order to accelerate mental illness treatments. The order specifically targets faster reviews for psychedelic drugs and includes a reported $50 million commitment for ibogaine research.
Full story available on Benzinga.com
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