Ami Fadia, an analyst from Needham, maintained the Buy rating on ATAI Life Sciences. The associated price target remains the same with $12.00.
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Ami Fadia has given his Buy rating due to a combination of factors related to ATAI Life Sciences’ advancing clinical pipeline and clearer development timelines. She highlights the planned addition of a new cohort in the Phase 2a open-label trial of BPL-003 in treatment-resistant depression in early 2026, which will test a two-dose 8 mg induction schedule alongside standard antidepressants. This design allows management to further evaluate BPL-003 both as an adjunctive therapy and in the exact dose regimen chosen for Phase 3, building on earlier data that suggested stronger responses and improved remission with a two-dose approach. She also notes that guidance on the Phase 3 program for BPL-003 is expected in the first quarter of 2026, with a Phase 3 trial targeted to begin in the second quarter of 2026, subject to FDA feedback, which provides increased visibility into key value-inflecting milestones.
In addition, Fadia underscores that ATAI has multiple upcoming catalysts beyond BPL-003 that support a constructive view on the stock. The company has reaffirmed expectations for Phase 2 topline data from the Elumina study of VLS-02 in treatment-resistant depression in the second half of 2026, as well as Phase 2a topline results for EMP-1 in adults with social anxiety disorder in the first quarter of 2026. These data readouts, together with the progression of BPL-003 into Phase 3, create a steady sequence of clinical events that could validate ATAI’s diversified portfolio in neuropsychiatry. Taken together, the clarity on timelines, positive prior efficacy signals, and breadth of late-stage opportunities form the basis for her Buy recommendation on ATAI shares.
In another report released on December 23, JonesTrading also initiated coverage with a Buy rating on the stock with a $16.00 price target.