Jefferies analyst Andrew Tsai sees potential for a 50%-100% stock move for shares of Atai Life Sciences (ATAI) following partner Beckley’s “robust” Phase 2b data for BPL-003 in patients with treatment-resistant depression. Given the “rapid efficacy,” followed by a “meaningful” and statistically significant reduction in depressive symptoms by Week 4 and “clear durability” to Week 8, the data “should instill confidence in a $1B+ drug,” the analyst tells investors. Jefferies has a Buy rating and $6 price target on Atai shares, which are up 66c, or 30%, to $2.85 in pre-market trading.
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