Definium Therapeutics Jumps to 52-Week High After Trump Order on Psychedelic Treatments

Overview

• Definium shares rose more than 13% in premarket trading Monday and touched a 52-week high of $25.63 following Saturday's executive order on psychedelic-based mental health care.
• The directive tells the FDA and other agencies to speed research and review, remove hurdles to studies, and consider uses that include suicide prevention with a focus on veterans.
• Definium, which issued its support Sunday, said the policy lines up with its plans and highlighted CEO Rob Barrow’s pledge to keep working with federal offices.
• The company’s lead drug, DT120, is an LSD-derived tablet that dissolves on the tongue using Catalent’s Zydis technology, holds FDA Breakthrough Therapy status, and is in four Phase 3 trials for anxiety and depression.
• Investor interest has grown after Stifel launched coverage with a Buy rating and a $30 target on April 17, even as the pre-revenue biotech reported about $0.8 million in insider stock sales over three months.