Psychedelics startup Atai rises as Wall Street psyched about drug portfolio

AtaiBeckley

13/07/2021 15:54

** U.S-listed shares of German drug developer Atai Life
Sciences  ATAI.O  up 5.6% at $20.06 as multiple brokerages start
coverage on stock after IPO quiet period ends 
    ** Credit Suisse, Berenberg, Citi and Cannacord Genuity
start with "buy" or equivalent ratings on the stock, RBC starts
with "sector perform" 
    ** Co, which is exploring the use of psychedelic treatments
for mental illnesses, went public last month; shares had fallen
2.3% since the debut, up to Monday's close  urn:newsml:reuters.com:*:nL3N2O03DU
    ** Citi, which was one of the lead underwriters for the IPO,
says it expects early data to be reported rapidly for most of
co's drugs, "setting up a steady stream of catalysts from
portfolio companies over the next 18 months"
    ** Credit Suisse says that while development of psychedelic
treatments for mental health disorders is in early stages, a
significant need could drive a paradigm shift


 (Reporting by Manas Mishra in Bengaluru)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manasmishra24))