ATAI - Why Shares of atai Life Sciences Climbed 14.58% on Tuesday
atai Life Sciences (NASDAQ: ATAI) , a clinical-stage biopharmaceutical company that specializes in the use of psychedelics to treat mental health conditions, saw its shares rise 14.58% on Tuesday. The stock closed at $2.95 on Monday then opened on Tuesday at $3.15. The stock rose to as high as $3.65 a share by 11 a.m. ET before dropping to $3.48 at the close. So far this year, the stock is down more than 55%, and has a 52-week low of $2.60 and a 52-week high of $17.81.
atai's shares got a bump when Loop Capital initiated coverage of the stock with a buy rating and an $18 price target on Tuesday. This would represent an all-time high for the stock, which went public with an initial public offering (IPO) last year.
The company also announced that it plans to participate in several upcoming conferences this month and to announce its third-quarter earnings on Nov. 10.
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Why Shares of atai Life Sciences Climbed 14.58% on Tuesday