On Wednesday, HC WainWright began coverage of Field Trip Health (NASDAQ: FTRP), a company in the psychedelics space, which is developing a chain of psychedelics-assisted therapy clinics throughout North America and Europe.
The firm gave Field Trip a Buy rating and a $20 price target, pushing the company’s shares from $4.5 on Tuesday at market close to $5.3 on Wednesday morning. The bump was enough to keep share price at a new base, leveling at $5 on Thursday at market close.
With this prediction, Field Trip shares could be worth four times its price in just one year, further cementing the institutional backing of the psychedelics sector.
Clinics aside, the company is also an advanced …