Atai Target cut by Wainwright

 

• HC Wainwright lowered the price target for Atai Life Sciences N.V. 
  ATAI
   from $50 to $20 to reflect recent adverse outcomes in programs such as PCN-101 in treatment-resistant depression and KUR-101 in opioid use disorder.
• Most recently, Atai Life Sciences-owned Perception Neuroscience announced that the Phase 2a trial of PCN-101 (R-ketamine) did not meet its primary endpoint of a statistically significant change from baseline in participants' depression rating scale score at 24 hours compared to the placebo.
• In December, data comparing the respiratory effects of KUR-101 to oxycodone and placebo were inconclusive. The company said additional research would be needed to characterize the therapeutic potential of KUR-101 further.
• But the analyst maintains the Buy rating due to confidence in several programs, including VLS-01, RL-007, and GRX-917, all of which are in Phase 1 or 2 development with multiple data updates expected in the next 12 months.
• HC Wainwright notes that Atai's cash balance of $313 million is sufficient to fund these programs through value-generating Phase 2 data readouts. 

https://www.benzinga.com/analyst-ratings/analyst-color/23/01/30489156/this-analyst-still-has-confidence-in-atai-life-sciences-pipeline-despite-recent-set