Canaccord lowered the firm’s price target on Atai Life Sciences (ATAI) to $11 from $12 and keeps a Buy rating on the shares. The firm noted they announced that inidascamine (formerly RL-007), a non-psychedelic, did not meet its primary endpoint in a Phase 2b trial for cognitive impairment associated with schizophrenia (CIAS), but showed some numerical improvements on cognitive and functional scores. Canaccord believes the weakness presents a solid oportunity to buy the shares on a more streamlined focus.
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