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Investing.com - Aegis Capital has reiterated its Buy rating and $8.00 price target on atai Life Sciences N.V (NASDAQ:ATAI) following positive Phase 2b results for the company’s BPL-003 treatment for Treatment Resistant Depression (TRD). The stock has shown remarkable momentum, surging over 100% in the past year, with analyst targets ranging from $6 to $12. InvestingPro data reveals strong analyst consensus, with multiple upward earnings revisions for the upcoming period.
The Phase 2b trial evaluated 193 depression patients who had failed previous therapy, testing three doses: 0.3 mg (active control), 8 mg, and 12 mg. Both the 8 mg and 12 mg doses demonstrated statistically significant improvement in an FDA-accepted measurement of depression while maintaining a good side-effect profile. With a current market capitalization of $571 million and a healthy current ratio of 4.07, InvestingPro analysis shows the company maintains strong financial flexibility with more cash than debt on its balance sheet.
Aegis Capital views these results as strong and believes they support atai’s plan to advance into a Phase 3 clinical program that could lead to marketing approval. The next step for the company is to schedule a post-Phase 2 meeting with the FDA, though a Phase 3 trial is not expected to begin until the second half of 2026.
The research firm also highlighted atai’s recent $50 million private capital raise, which involved selling 18,264,840 common shares with 25% warrant coverage at market price. Aegis noted these terms were favorable and demonstrated the company’s ability to raise cash when needed.
BPL-003 was developed by Beckley Psytech Ltd., which atai is in the process of acquiring, with the deal expected to close later this year. Subscribers to InvestingPro can access 9 additional exclusive tips about ATAI’s financial health and market position to make more informed investment decisions.
In other recent news, atai Life Sciences announced positive results from its Phase 2b trial for BPL-003, an intranasal treatment for treatment-resistant depression, developed in collaboration with Beckley Psytech. The trial met its primary and all key secondary endpoints, demonstrating significant reductions in depressive symptoms with both 8 mg and 12 mg doses. These results have led Canaccord Genuity to raise its price target for atai Life Sciences to $12, maintaining a Buy rating. H.C. Wainwright also reiterated a Buy rating with a $10 price target, noting that the trial results significantly de-risk BPL-003. The companies plan to advance the 8 mg dose into Phase 3 development after regulatory consultations. Additionally, atai Life Sciences has secured $50 million in private placement funding, with the proceeds intended for general corporate purposes and advancing clinical development. This funding round was co-led by Ferring Ventures S.A. and Apeiron Investment Group, with participation from other healthcare-focused institutional investors. The strategic combination between atai and Beckley Psytech remains on track, with the merger expected to progress to shareholder approval.
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