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Investing.com - H.C. Wainwright has reiterated a Buy rating and $15.00 price target on atai Life Sciences N.V (NASDAQ:ATAI) following positive clinical data for the company’s psychedelic treatment. The stock has surged over 320% year-to-date and currently trades near its 52-week high of $5.76, with a market capitalization of $1.2 billion.
On September 23, atai announced positive results from its Phase 2a open-label extension study evaluating intranasal BPL-003 (mebufotenin), a short-duration psychedelic, in patients with treatment-resistant depression who were not taking concurrent antidepressants.
The data showed improved mean Montgomery-Asberg Depression Rating Scale scores and a doubled remission rate after the second dose of BPL-003, suggesting that multiple doses may enhance clinical response beyond what a single dose achieves.
H.C. Wainwright stated these results support the advancement of the program and increase confidence in the upcoming Phase 2b 8-week open-label extension readout for BPL-003, expected in the third quarter of 2025.
If the Phase 2b results prove positive, they could further validate the short-duration psychedelic model and support the planned pivotal Phase 3 program scheduled to begin in the first half of 2026.
In other recent news, atai Life Sciences has seen a series of positive developments. The company reported solid Phase 2a trial results for its depression treatment, BPL-003, which led Canaccord Genuity to reaffirm its Buy rating with a price target of $11. H.C. Wainwright also maintained its Buy rating, increasing its price target to $15, citing the potential of BPL-003. Additionally, atai Life Sciences attracted attention following AbbVie’s acquisition of Gilgamesh Pharmaceuticals’ psychedelic therapy for major depressive disorder, highlighting growing interest in psychedelic-based treatments. Oppenheimer initiated coverage on atai Life Sciences with an Outperform rating and a $14 price target, recognizing the company’s leadership in the psychedelic neuropsychiatry field. These developments underscore atai’s strategic positioning in the market, with analysts from firms like H.C. Wainwright and Oppenheimer showing continued confidence in the company’s prospects.
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