Atai data supports ‘best-in-class potential’ of BPL-003, says H.C. Wainwright

After Atai Life Sciences (ATAI) announced top-line data from the Phase 2b trial evaluating BPL-003, an intranasal formulation of mebufotenin developed in partnership with Beckley Psytech, in patients with treatment-resistant depression, H.C. Wainwright analyst Patrick Trucchio noted that the trial met its primary and all key secondary endpoints and argued that the “robust” data support the “first-in-class and best-in-class potential” in TRD for the rapid-acting psychedelic. The data meaningfully de-risk BPL-003 and “reinforce atai’s leadership in short-duration psychedelics,” adds the analyst, who reiterates a Buy rating and $10 price target on the shares.