Canaccord raised the firm’s price target on Atai Life Sciences (ATAI) to $12 from $11 and keeps a Buy rating on the shares. The firm believes shares remain significantly undervalued following the release of solid Phase 2b data for BPL-003 (intranasal mebufotenin or 5-MeO-DMT) for treatment-resistant depression (TRD). They view the results as very encouraging as BPL-003 hit its primary and all key secondary endpoints convincingly. These results pave the way for the recently-announced ATAI-Beckley merger to close, which is on track for 2H25.
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