H.C. Wainwright Affirms 'Buy' Rating on Atai Life Sciences N.V. (ATAI) on Psychedelic Prospects

Atai Life Sciences N.V. (NASDAQ:ATAI) is one of the best healthcare penny stocks to buy now. On September 15, H.C. Wainwright reiterated a ‘Buy’ rating on the stock and a $15 price target. The positive stance follows a meeting between the research firm and the company’s CEO, Srinivas Rao, at the 27th Annual Global Investment Conference.

The CEO reiterated the company’s leading position in the psychedelics segment, backed by positive clinical data and the scalability of the programs in the pipeline. Management is especially bullish about the BPL-003 (intranasal mebufotenin, also known as 5-MeO-DMT) program, which is seen as a lead value driver within the interventional psychiatry framework.

Growing interest in psychedelics for psychiatric applications positions Atai Life Sciences for long-term growth. AbbVie’s $1.2 billion deal to acquire Gilgamesh Pharmaceuticals’ bretisilocin underscores the growing interest in psychedelic treatments.

Atai Life Sciences N.V. (NASDAQ: ATAI) is a clinical-stage biopharmaceutical company on a mission to develop highly effective mental health treatments that transform patient care. It 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.