Canaccord Increases Atai Life Sciences (ATAI) PT, Keeps Buy Rating

Atai Life Sciences N.V. (NASDAQ:ATAI) is one of the 10 Best Performing Penny Stocks So Far in 2025. On July 2, Canaccord Genuity increased its price target for Atai Life Sciences N.V. (NASDAQ:ATAI) from $11 to $12 while keeping a “Buy” rating.

This decision came after Atai Life Sciences N.V. (NASDAQ:ATAI) and Beckley Psytech shared positive data from a Phase 2b clinical trial for BPL-003, an intranasal mebufotenin treatment for treatment-resistant depression (TRD). The study met its primary and all key secondary endpoints.

Canaccord Increases Atai Life Sciences (ATAI) PT, Keeps Buy Rating

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

Atai Life Sciences N.V. (NASDAQ:ATAI) and Beckley Psytech plan to consult with the FDA to advance into Phase 3 clinical development for the 8mg dose of BPL-003. This positive data also supports Atai Life Sciences N.V.’s (NASDAQ:ATAI) previously announced plans to acquire Beckley, with the transaction expected to close in the second half of 2025.

Canaccord pointed out that if approved, BPL-003 could have a big commercial advantage as it might only require about two hours or less post-dose clinic time.

The research firm believes that Atai Life Sciences N.V. (NASDAQ:ATAI) is still “significantly undervalued relative to the sizes of the opportunities in the mental health indications it is targeting.”

Atai Life Sciences N.V. (NASDAQ:ATAI) is a German clinical-stage biopharmaceutical company that is focused on developing new mental health treatments to transform patient outcomes.

While we acknowledge the potential of ATAI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ATAI and that has a 100x upside potential, check out our report about the cheapest AI stock.

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