ATAI - Why Atai Life Sciences Stock Stormed Higher This Week
2023-03-31 09:53:39 ET
Atai Life Sciences (NASDAQ: ATAI) , a small-cap drugmaker developing psychedelic-based treatments for drug dependency and mental health disorders, posted strong gains during the first four days of trading this week. Specifically, the biotech's stock gained a healthy 34% over this four-day period, according to data provided by S&P Global Market Intelligence .
The big gain came in response to the company's 2022 fourth-quarter and full-year financial report, which was released last Friday. Investors were apparently pleased with Atai's announcement that it had funding to continue operations into the first half of 2026.
Atai has long been one of the best-capitalized makers of psychedelic drugs in the game. The problem has been its progress in the clinic. Since going public in mid-2021, Atai has been stung by underwhelming clinical results for lead candidates KUR-101 in the opioid use disorder setting and PCN-101 as a candidate for treatment-resistant depression.
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Why Atai Life Sciences Stock Stormed Higher This Week