I dissent. Price correlations over the last 3 months have been nearly in-step with MindMed, who is purely psychadelic. This leads me to believe the current valuation is heavily priced into psychedelics and not the phase 3 trial. As if the phase 3 trial has minimal downside risk.
I do see the share price dropping on negative phase 3 news, like any other denial; however I see it returning to relative psychadelic support and continue to mimic MindMed.