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

H.C. Wainwright lowered the firm’s price target on Atai Life Sciences (ATAI) to $10 from $15 and keeps a Buy rating on the shares. The company reported Q3 results with a focus on its neurology-focused pipeline where study starts and data updates are in-line with expectations and should further validate the pipeline, the analyst tells investors in a research note. The firm says the reduced price target reflects a lower price target of $60 on Compass Pathways (CMPS), a company in which Atai’s equity ownership has declined to 10.1%, as well as removal of GRX-917.