H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating on ATAI Life Sciences (ATAI – Research Report) today and set a price target of $10.00.
Patrick Trucchio has given his Buy rating due to a combination of factors surrounding Atai Life Sciences’ promising pipeline and upcoming catalysts. The company is positioned as a leader in developing novel neuropsychiatric treatments, especially those involving psychedelic mechanisms. Anticipated data readouts in 2025 and early 2026 from key programs like BPL-003 for treatment-resistant depression and RL-007 for cognitive impairment associated with schizophrenia are expected to significantly de-risk Atai’s pipeline, potentially unlocking substantial shareholder value.
One of the main highlights is the BPL-003 program, which is on track for a Phase 2b trial data readout in mid-2025. This trial evaluates an intranasal formulation of 5-MeO-DMT in partnership with Beckley Psytech. Positive outcomes from this trial could be a major catalyst for Atai, reinforcing its leadership in short-duration psychedelics. Additionally, the RL-007 program is progressing with an expected data readout in mid-2025, and its potential in treating cognitive impairment is deemed underappreciated, suggesting further upside for the stock.