DNAY - Street sees green on psychedelic drug developers and more in today's analyst action

adrian825/iStock via Getty Images Psychedelic drug developers started as buys Citi, Credit Suisse, Canaccord Genuity, and Cantor Fitzgerald have initiated Atai Life Sciences ([[ATAI]] +2.3%) with  buy/overweight ratings. Credit Suisse has a $25 price target on shares (~35% upside) Credit Suisse analyst Judah Frommer says the company has developed 10 development programs and six enabling technologies covering areas such as depression, anxiety, and post-traumatic stress disorder. Five of those programs center around psychedelic compounds. Although development of psychedelics for mental health conditions is in its infancy, "we believe significant unmet need could drive a paradigm shift in how mental health disorders are treated in the next ~10 years," he says. Citi's Neena Bitritto-Garg writes that emerging data on the clinical benefit of psychedelics and increasing regulatory flexibility is a boon to companies like Atai. Citi surveyed 108 psychiatrists and most said they would be eager to prescribe psychedelic prescription medications

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Street sees green on psychedelic drug developers, and more in today's analyst action