ATAI - Atai Life Sciences a buy at Loop Capital on psychedelic wave for mental health treatments

• Loop Capital has initiated Atai Life Sciences ( NASDAQ: ATAI ) as a buy saying that the company's candidates provide a unique way to invest in psychedelic treatments for mental health illnesses.
• The firm has an $18 price target (~510% upside based on Monday's close).
• Shares are up 17% in Tuesday morning trading.
• Analyst Esther Hong noted that given Atai's ( ATAI ) pipeline includes eight psychedelic and non-psychedelic compounds, this mitigates risk from any single program.
• She added that the compounds have data from prior studies in humans. Also, the company has deep knowledge of drug development, expertise in psychedelics, and available capital.
• Hong noted that Atai ( ATAI ) has a number of catalysts over the next two years starting with phase 2a data on PCN-101, a single isomer of ketamine, for treatment-resistant depression by the end of this year.
• Stephen Tobin sees Atai ( ATAI ) as a buy as three of its candidates have a good chance of success .

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