H.C. Wainwright Maintains Buy on Atai Beckley (ATAI) Following Breakthrough Therapy and Merger Completion

Atai Beckley NV (NASDAQ:ATAI) ranks among the most oversold biotech stocks to invest in. H.C. Wainwright reaffirmed its Buy rating and $15 price target for Atai Beckley NV (NASDAQ:ATAI) on November 14 following the company’s third-quarter report. The firm highlighted a number of significant events from the report, including the company’s BPL-003 receiving Breakthrough Therapy Designation (BTD) in treatment-resistant depression and the conclusion of the merger between Atai Life Sciences and Beckley Psytech.

Atai Beckley NV (NASDAQ:ATAI) reported solid findings from the open-label extension study in its Phase 2b clinical trial for BPL-003. The study found that administering a 12 mg dose of BPL-003 eight weeks after the original dose resulted in accelerated antidepressant effects that lasted up to eight weeks.

In addition, the report covered Atai Beckley NV (NASDAQ:ATAI) shareholders approving the acquisition of Beckley Psytech Limited and the company’s anticipated redomiciliation in Delaware. In that context, the company also filed a proposal for the resale of up to 5.3 million shares in connection with its acquisition of Beckley Psytech.

Atai Beckley NV (NASDAQ:ATAI), headquartered in the Netherlands, is a clinical-stage biopharmaceutical company developing innovative treatments for mental health disorders, including depression, anxiety, and substance use disorders.

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