Atai Life Sciences price target raised to $10 from $7 at Jefferies

Jefferies raised the firm’s price target on Atai Life Sciences (ATAI) to $10 from $7 and keeps a Buy rating on the shares. The ATAI-Beckley story “becomes more attractive” with the FDA granting a breakthrough designation to BPL-003, according to the analyst, who expects Atai to meet with the FDA to discuss Phase 3 design and regulatory strategy in Q4. The firm, which views BPL-003 as differentiated from other psychedelics due to single-dose durability and an in-clinic dosing paradigm, notes that its analysis shows a 72%-plus approval rate for drugs with BTD, so it argues the drug’s prospects “could be more favorable” than current Street thinking.