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Hedge Fund Billionaire Steve Cohen is Betting on Psychedelics

September 16, 2023
x min read

Legendary hedge fund manager and Wall Street tycoon Steve Cohen is betting on psychedelics.

What's happening:

  • Steve Cohen’s hedge fund Point 72, which boasts over $26 billion in assets, disclosed in a new filing they have purchased over 18M shares of Cybin (NYSE:CYBN)
  • This is the first public position in a psychedelic medicine company from Point 72
  • Cybin is a clinical stage biotech company working on new psychedelic derived therapeutics for major depressive disorder and anxiety

Why it matters:

Going deeper:

  • Steve Cohen has been one of the largest donors to psychedelic research through his family foundation, notably being one of the largest charitable backers of MAPS clinical trial for MDMA
  • Further, Steve Cohen is a highly successful biotech investor and has been very active in companies developing new therapeutic drugs and compounds

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