AtaiBeckley initiated with a Buy at Deutsche Bank

Deutsche Bank last night initiated coverage of AtaiBeckley (ATAI) with a Buy rating and $12 price target The company is well positioned for the psychedelic “renaissance,” the analyst tells investors in a research note. The firm believes AtaiBeckley will become a leader in the “nascent field” of psychedelic medicine for mental health conditions. Deutsche thinks psychedelic therapies will become increasingly mainstream over the next several years, and views AtaiBeckley as well positioned among its competitors. The company’s lead program, BPL-003, and second program, VLS-01, are being developed for treatment-resistant depression, where unmet need remains high, the firm contends.