Shares for companies focused on psychedelic medicines plummeted during premarket trading on Wednesday after independent experts advised the Food and Drug Administration (FDA) against approving MDMA, commonly known as ecstasy or molly, for post-traumatic stress disorder (PTSD).

An advisory panel of the FDA voted to reject the use of MDMA to help treat patients with PTSD on Tuesday, citing concerns that available evidence does not show the drug is effective or that its benefits outweigh the risks. While the vote does not dictate the FDA’s ultimate decision, the agency tends to heavily consider the advice it receives from its expert panels.

Source: Forbes