Loop Capital analyst Esther Hong lowered the firm’s price target on Atai Life Sciences (ATAI) to $10 from $18 and keeps a Buy rating on the shares. The analyst cites the company’s "disappointing and unexpected news" that its Phase 2a trial of PCN-101, for treatment-resistant depression, missed its primary and secondary endpoints. Hong adds however that while PCN-101 is a key revenue driver, Atai Life Sciences still has a broad pipeline of five clinical stage programs, not including its 20% ownership in Compass Pathways (CMPS).
Published first on TheFly
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