Here's a quote:
On this page: https://www.sciencedirect.com/topics/ag ... s-sinensisDevelopment & Modification of Bioactivity
Examples of other drug leads
Numerous examples of new wonder drugs regularly hit the media. It is unlikely that they stand up to such claims, and they regularly highlight the problems associated with poorly defined and characterized starting material. Two examples highlight the core issues.
Cordyceps sinensis104 is a medicinal fungus of TCM. It is a parasite on the larvae of moths (Lepidoptera) of the genera Hepialus and Thitarodes endemic to alpine habitats (3600–5000 m in elevation) on the Tibetan plateau in southwestern China. In China, C. sinensis has a long history of medicinal use. It is thought to have been discovered 2000 years ago with the first formally documented use coming from the Bencao Congxin (New Compilation of Materia Medica) in the Qing dynasty in 1757. Overall, little primary ethnomedical data describing the medical uses of C. sinensis exist in the literature. Current ethnomedical reports are limited to the use as a general tonic in China and as an aphrodisiac in Nepal. Cordyceps sinensis first gained worldwide attention when it was revealed that several Chinese runners who broke world records in 1993 had included this fungus as part of their training program.
From another paper:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3924981/Over 30 different bioactivities have been reported for O. sinensis, including (1) immunomodulatory, (2) immunosuppressive, (3) anticomplementary, (4) antitumor, (5) anti-inflammatory, (6) antioxidant, (7) antibacterial, (8) hepatoprotection, (9) kidney benefitting, (10) antidiabetes, (11) hypocholesterolemia, (12) antiarteriosclerosis, (13) antithrombus, (14) hypotension and vasorelaxant, (15) lung benefitting, (16) photoprotection, (17) antidepression, (18) antiosteoporosis, (19) anticerebral ischemia, (20) antifatigue, (21) antiasthma, (22) steroidogenesis, (23) erythropoiesis, (24) antiarrhythmia, (25) antiaging, (26) testosterone production, (27) sedation, and (28) adjunction, as well as the ability to do the following: (29) prevent and treat injury to the bowel, (30) promote endurance capacity, (31) improve learning-memory, (32) prevent allograft rejection, and (33) attenuate lupus.
So broad an activity, I'd say placebo.
The fungus craze has also a deep effect on the populations harvesting it, on the landscapes (apparently they don't manage it too well), and as it happens that's where the snow leopard lives…