ATAI Life Sciences jumps after Jefferies starts coverage with 'buy'

AtaiBeckley

01/09/2021 11:30

** Mental health treatment developer's  ATAI.O  shares jump
8% premarket, set to open at a five-week high of $17.72 as
Jefferies starts coverage with "buy" 
    ** Brokerage says ATAI's psychedelics drug pipeline has a
"fair chance" of producing profound or differentiated effects
versus existing therapies
    ** Jefferies notes ATAI's strong balance sheet, and expects
upside from results of more than seven early and mid-stage drugs
due 2021-22
    ** Says all of ATAI's underlying compounds are partly
de-risked as they have previously shown positive evidence in
humans; assigns PT of $27, in line with median PT as per
Refinitiv data
    ** Stock down 22% from June debut price
     

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))