TD Cowen analyst Ritu Baral has maintained their bullish stance on ATAI stock, giving a Buy rating yesterday.
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Ritu Baral has given her Buy rating due to a combination of factors surrounding ATAI Life Sciences’ promising clinical developments and financial stability. The company has reported positive outcomes from its Phase 2b study of BPL-003 for treatment-resistant depression, demonstrating rapid and sustained antidepressant effects, which are crucial for advancing to Phase 3 trials. The favorable safety profile and the strategic decision to select the 8mg dose for the upcoming Phase 3 trial further bolster confidence in the potential success of this program.
Additionally, ATAI’s financial position is robust, with a cash runway expected to support operations into 2029, thanks to recent equity financing. This financial stability, combined with the anticipated FDA feedback and the strategic merger with Beckley, positions ATAI well for future growth. These factors collectively underpin Ritu Baral’s optimistic outlook and her Buy rating for ATAI Life Sciences.
Baral covers the Healthcare sector, focusing on stocks such as Palvella Therapeutics, ACADIA Pharmaceuticals, and Milestone Pharmaceuticals. According to TipRanks, Baral has an average return of 34.9% and a 56.94% success rate on recommended stocks.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $12.00 price target.