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Investing.com - Oppenheimer initiated coverage on atai Life Sciences N.V (NASDAQ:ATAI) with an Outperform rating and a $14.00 price target on Tuesday. The stock, currently trading at $3.33, has seen remarkable momentum with a 122% gain over the past six months. According to InvestingPro data, analyst targets range from $7 to $12, with a strong buy consensus.
The research firm views atai as a leader in the psychedelic revolution within neuropsychiatry, describing it as an under-appreciated market opportunity with approximately 10 million patients who could benefit from alternative approaches where unmet needs persist despite available therapies. InvestingPro analysis shows the company maintains a healthy current ratio of 4.07, with liquid assets well exceeding short-term obligations.
Oppenheimer highlighted Phase 2b data for BPL-003 (intranasal 5-MeO-DMT), noting that the results demonstrate a transformational approach based on rapid onset, durability, safety/tolerability, and convenient integration into existing clinical practice.
The firm’s discussions with key opinion leaders suggest strong demand for this profile upon potential commercialization, while atai’s pipeline of psychedelic compounds provides diversification that remains undervalued ahead of key catalysts.
Oppenheimer believes atai is financially well-positioned and expects management to unlock value, leveraging the firm’s neuropsychiatry expertise to inform its analysis.
In other recent news, ATAI Life Sciences has reported mixed outcomes from its clinical trials. The company faced a setback when a Phase 2b clinical trial for inidascamine, aimed at treating cognitive impairment associated with schizophrenia, did not meet its primary endpoint. Despite the trial’s failure to achieve statistical significance, the drug demonstrated modest improvements across various cognitive domains and maintained a favorable safety profile. On a more positive note, ATAI Life Sciences announced successful results from a Phase 2b study of BPL-003 for treatment-resistant depression. The trial, conducted with Beckley Psytech, met its primary and all key secondary endpoints, with both 8 mg and 12 mg doses showing significant reductions in depressive symptoms. Following these positive results, Canaccord Genuity raised its price target for the company to $12 while maintaining a Buy rating. Similarly, Aegis Capital and H.C. Wainwright reiterated their Buy ratings, with price targets set at $8 and $10, respectively. These developments highlight the company’s ongoing efforts in advancing its treatment pipeline.
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