ATAI Life Sciences (ATAI) Rated as 'Outperform' at Oppenheimer on Psychedelic Prospects

Atai Life Sciences (NASDAQ:ATAI) is one of the best multibagger penny stocks to buy according to analysts. On July 29, Oppenheimer initiated coverage of the stock with an ‘Outperform’ rating and a $14 price target.

The positive stance comes as the research firm views ATAI Life Sciences as a leader in the psychedelic revolution within neuropsychiatry. The research firm views the segment as an underappreciated market opportunity, given the over 10 million patients in need of alternative treatment options. Oppenheimer expects the company to unlock value while leveraging neuropsychiatry expertise to inform its analysis.

Oppenheimer has already echoed the company’s BPL-003 (intranasal 5-MeO-DMT), currently in Phase 2 trials. The flagship drug has already demonstrated a transformational approach, based on rapid onset, durability, and tolerability, which are crucial for integration into clinical practice.  The research firm has also highlighted the company’s pipeline of psychedelic compounds, which provide diversification and remain undervalued ahead of key catalysts.

Atai Life Sciences (NASDAQ:ATAI) is a pharmaceutical company that is developing psychedelics, other hallucinogens, entactogens, and related drugs for the treatment of psychiatric conditions.

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