Lobe Sciences LTD. (OTC: LOBEF)(CNSX:LOBE) is a life sciences company focused on practical psychedelic medicines. Lobe Sciences works with industry leaders to do research and development on drugs that use psychedelic compounds, as well as to make new devices and ways to deliver drugs that will improve mental health and wellness.

Lobe Sciences’ (OTC US:LOBEF) main goal is to create new medicines and devices to treat mTBI, PTSD, and other neurological disorders. At the moment, the company has filed for five provisional patents, done pre-clinical studies, and is working on an engineering design for a drug delivery device.

At the tail end of the previous year, the North American company provided an update on the most recent developments concerning its clinical trials. Psilocin is the source of the novel compound L-130, which is currently undergoing research and development for potential future use. According to the most recent report, we discovered that LOBE had successfully submitted the required documentation in order to import L-130.

Lobe Sciences stated in their plan that the first phase 1 clinical trials would make use of Clearway Global’s network of contract research organizations, and that they would begin their first subject trial in the month of December 2022. This indicates that preliminary data will be accessible in the first quarter of 2023. Astute investors will be watching for LOBEF to announce the trial results.

CSO of Lobe Sciences Maghsoud Dariani remarked, “It is important to remember that in just 12 months, Lobe has transformed into a fully integrated virtual drug development company. We now have multiple New Chemical Entities’ (NCE’s) including L-130 that is entering human trials. L-131 is entering pre-clinical trials as we prepare a pediatric Orphan Drug Application with the potential of receiving a Priority Review Voucher for L-131. All of this positions Lobe Sciences among the leaders in the small group of companies who are in clinical development of psychedelic drugs.”

From a speculative view, LOBEF has the potential to make a splash this year given that the psychedelic therapy industry is positioned for significant expansion in 2023. Smart investors should put this stock on their watchlist because there is a good potential for significant updates throughout the year as the company continues to make progress with clinical trials.

Let’s take a look at some of the top analyst upgrades and downgrades for Tuesday:

Bank of America names Alphabet (NASDAQ:GOOGL)) a top 2023 pick

Morgan Stanley downgrades Chipotle (NYSE:CMG) to equal weight from overweight

Morgan Stanley upgrades Domino (NYSE:DPZ) to overweight from equal weight

Bernstein reiterates Tesla (NASDAQ:TSLA) as underperform

JPMorgan reiterates Amazon (NASDAQ:AMZN)  as a best idea

Wells Fargo downgrades Pfizer (NYSE:PFE) to equal weight from overweight

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