Atai Life Sciences price target raised to $15 from $10 at H.C. Wainwright

H.C. Wainwright analyst Patrick Trucchio raised the firm’s price target on Atai Life Sciences (ATAI) to $15 from $10 and keeps a Buy rating on the shares. The firm remains bullish on Atai despite the Phase 2b trial evaluating inidascamine in patients with cognitive impairment associated with schizophrenia missing the primary endpoint. In a follow-up call, management reiterated the company focus on the company’s wholly-owned psychedelics pipeline, including BPL-003, which has continued to exceed expectations, the analyst tells investors in a research note. H.C. Wainwright cites Atai’s focus on its “most promising near-term asset” for the target increase.