Analyst Michael Okunewitch from Maxim Group maintained a Buy rating on ATAI Life Sciences and keeping the price target at $10.00.
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Michael Okunewitch has given his Buy rating due to a combination of factors, primarily revolving around the promising results from ATAI Life Sciences’ recent study on treatment-resistant depression. The study demonstrated significant improvements in depression symptoms with a two-dose induction of BPL-003, showing a notable enhancement in patient outcomes compared to previous trials.
The data revealed that after the second dose, patients experienced a peak improvement in their depression scores, with remission rates doubling, indicating a strong potential for the multi-dose regimen. Additionally, the treatment’s favorable tolerability and convenient administration further support its potential efficacy. These positive developments, along with the strategic business combination with Beckley Psytech, underpin Okunewitch’s optimistic outlook on ATAI’s future performance.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $15.00 price target.