Canaccord Genuity Lifts Atai Life Sciences N.V. (ATAI)’s Price Target To $12, Maintains Buy Rating

Atai Life Sciences N.V. (NASDAQ:ATAI) is one of the 13 Best German Stocks to Invest in Now. On July 2, analysts at Canaccord Genuity lifted the stock’s price target from $11 to $12, while maintaining a Buy rating for its shares.

Canaccord Genuity Lifts Atai Life Sciences N.V. (ATAI)'s Price Target To $12, Maintains Buy Rating

A close-up of a medical professional providing advice to a patient struggling with opioid use disorder.

The adjustment followed the joint announcement by Atai Life Sciences N.V. (NASDAQ:ATAI) and Beckley Psytech Limited of encouraging results from the Phase 2b clinical trial evaluating the efficacy of a single dose of BPL-003 in patients with treatment-resistant depression (TRD).

Canaccord noted the potential commercial advantage BPL-003 could enjoy after the results stated the average time to meet readiness for discharge criteria was under two hours post-dose. The analysts added that Atai Life Sciences N.V. (NASDAQ:ATAI) remains “significantly undervalued relative to the sizes of the opportunities in the mental health indications it is targeting.”

Atai Life Sciences N.V. (NASDAQ:ATAI) and Beckley Psytech Limited plan on engaging the U.S. FDA and other agencies regarding Phase 3 trial design for patients in the coming months.

Atai Life Sciences N.V. (NASDAQ:ATAI) is a clinical-stage biopharmaceutical company focused on the research, development, and commercialization of mental health treatments.

While we acknowledge the risk and potential of ATAI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ATAI and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: Goldman Sachs Stock Portfolio: 10 Large-Cap Stocks To Buy and 13 Best Big Name Stocks to Buy Now.

Disclosure: None.