- The stock price of SciSparc Ltd. (NASDAQ: SPRC) increased by over 6% during intraday trading today. This is why it happened.
The stock price of SciSparc Ltd. (NASDAQ: SPRC) – a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system – increased by over 6% during intraday trading today. Investors are responding positively to the company announcing that it has started to examine the possibility of including psychedelic compounds as potential drug candidates for its intellectual property portfolio.
Despite being heavily regulated around the world, psychedelics become an increasingly popular area for research. And a report by Market Digits estimates that the sector could be worth more than $10 billion by 2027 as compared to $4.75 billion in 2020.
KEY QUOTE:
“We have been tracking the research in psychedelics and are encouraged by the reports which appear to be favorable, particularly for disorders of the central nervous system. I expect our approach has the potential to be compatible with psychedelic compounds, so it behooves us to include them in the pool of candidates we consider when evaluating new opportunities.”
“The industry is still in its infancy, but if we are to believe the analysts, psychedelic-centric therapies represent a significant market opportunity and another reason it is in our interest to establish SciSparc as a leader in the sector.”
— Adi Zuloff-Shani, PhD, Chief Technologies Officer of SciSparc
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
