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Needham on Monday initiated coverage on Atai Life Sciences NV (NASDAQ:ATAI), a clinical-stage biopharmaceutical company focused on developing treatments for mental health.
The company’s lead drug candidate, BPL-003, is under development for treatment-resistant depression.
• ATAI stock is gaining positive traction. See what is happening here.
Topline results from the eight-week core phase of the Phase 2b study met its primary and all key secondary endpoints, and BPL-003 demonstrated rapid, robust and durable antidepressant effects.
Analyst Ami Fadia in an investor note on Monday said, “With close to $150 million in cash, we think ATAI is in a strong position and remains undervalued.”
Needham initiated with a Buy rating and a price forecast of $12.
Needham notes that BPL-003 could offer greater convenience than Johnson & Johnson's (NYSE:JNJ) Spravato, with potential for improved efficacy. It is well-positioned to leverage Spravato's existing logistics and capture around 20% of the market by 2035, driving over $2.5 billion in sales versus the $2 billion consensus.
The analyst assigns a 60% probability of success to BPL-003, citing robust Phase 2b data, an expected Phase 3 addressing FDA guidance, and commercial potential via Spravato's model.
ATAI's shift to a wholly owned asset strategy further strengthens its ability to deliver shareholder value.
Needham adds that Atai Life Sciences' pipeline of psychedelic-based therapies also includes VLS-01 (buccal film DMT) for treatment-resistant depression (TRD) and EMP-01 (oral R-MDMA) for social anxiety disorder, which are in Phase 2 clinical development.
It is also advancing a drug discovery program to identify novel, non-hallucinogenic 5-HT2AR agonists for TRD.
ATAI Price Action: ATAI stock is up 4.80% at $5.35 at publication on Monday.
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