Analyst Sumant Kulkarni from Canaccord Genuity maintained a Buy rating on ATAI Life Sciences and keeping the price target at $11.00.
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Sumant Kulkarni has given his Buy rating due to a combination of factors including promising clinical trial results and the potential for significant market opportunities. The recent Phase 2a study of ATAI’s BPL-003 for treatment-resistant depression showed rapid and durable efficacy, with notable improvements in depression scores and remitter rates. This builds on previous successful Phase 2b data, suggesting a strong foundation for future Phase 3 trials.
Additionally, ATAI’s diverse pipeline of psychedelic therapeutics is seen as undervalued, given the large unmet needs in mental health. The anticipated merger with Beckley and upcoming data releases are expected to further enhance ATAI’s market position, supporting the Buy rating with a price target of $11.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $15.00 price target.