Benzinga | Nov 2, 2021 05:20PM EDT

This Psychedelics Stock Was Up More Than 20% Last Week, Outperforming Tesla, Nvidia and GameStop

Psychedelics have picked up more and more momentum on Wall Street, with famed investors such as Kevin O'Leary and Peter Thiel recognizing the potential in the psych drug industry.

Psychedelic drugs, such as psilocybin mushrooms and LSD, were once seen merely as a way for college students and concert goers to escape reality or at least enhance it. Now, these drugs are being heavily considered by doctors throughout the world as a way to treat various mental illnesses and other health problems.

Throughout the last five trading days, Atai Life Sciences (NASDAQ:ATAI), has skyrocketed, outperforming big names such as Tesla Inc (NASDAQ:TSLA), NVIDIA Corporation (NASDAQ:NVDA) and GameStop Corp (NYSE:GME).

Here's how the returns break down throughout the last five trading days:

* Atai - up more than 23% from last Wednesday's open

* GameStop- up more than 14%

* Tesla- up more than 12%

* NVIDIA- up more than 7%

What Does Atai Do?

Atai Life Sciences is a pre-clinical biotech company focused on treating

various mental illnesses and disorders using psychedelic drugs. The company has drugs in its pipeline to cure or alleviate the effects of treatment-resistant depression, schizophrenia and more.

Atai is using psilocybin, ketamine, MDMA and other similar drugs to attack these mental illnesses. Thiel, a major investor in Atai, has invested $12 million through his VC firm, Thiel Capital.



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