H.C. Wainwright Lifts PT on Atai Life Sciences (ATAI) to $15 From $10

Atai Life Sciences (NASDAQ:ATAI) is one of the best biotech penny stocks to buy right now. On July 30, H.C. Wainwright analyst Patrick Trucchio raised the firm’s price target on Atai Life Sciences (NASDAQ:ATAI) to $15 from $10 while keeping a Buy rating on the shares.

The firm told investors that it is bullish on Atai Life Sciences (NASDAQ:ATAI) despite the Phase 2b trial, which evaluated indiabine in patients with cognitive impairment associated with schizophrenia, missing the primary endpoint.

The analyst added in a research note that management reiterated Atai Life Sciences’ (NASDAQ:ATAI) focus on its wholly-owned psychedelics pipeline in a follow-up call. This includes BPL-003, which has continued to surpass expectations.

The firm thus cited Atai Life Sciences’ (NASDAQ:ATAI) focus on its “most promising near-term asset” for the target upgrade.

Headquartered in Germany, Atai Life Sciences (NASDAQ:ATAI) is a clinical-stage biopharmaceutical company focused on treating mental health disorders.

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Disclosure: None. This article is originally published at Insider Monkey.