Canaccord analyst Sumant Kulkarni lowered the firm’s price target on Atai Life Sciences to $11 from $27 and keeps a Buy rating on the shares. The analyst noted its Phase 2a proof-of-concept results for PCN-101 in treatment-resistant depression did not hit the primary endpoint of a statistically significant change from baseline on the Montgomery-Asberg Depression Rating Scale (MADRS). He calls that a significant near-term hit, but said the diversity of its pipeline helps in the longer-term.
Published first on TheFly
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