AtaiBeckley Inc. (NASDAQ:ATAI, XETRA:9VC) has kept Jefferies analysts bullish on the company following a fireside chat in New York City, with the firm reiterating a 'Buy' rating and a $10 price target on the company, implying roughly 120% upside from current levels.
The firm’s outlook centers on strengthening late-stage visibility across the company’s psychedelic pipeline and what it described as an increasingly constructive regulatory backdrop.
Jefferies highlighted the initiation of the Phase III program for BPL-003, an intranasal 5-MeO-DMT candidate for treatment-resistant depression (TRD), as a key development supporting its bullish stance.
The firm attributed a probability of success above 70% to the program, citing Phase IIb results it wrote showed rapid and durable antidepressant effects.
It also pointed to Breakthrough Therapy Designation from the US Food and Drug Administration (FDA) and continued positive regulatory interactions, which it believes help reduce development risk at the late-stage level.
The analysts noted that the Phase III program consists of two complementary studies totaling approximately 650 patients, designed to evaluate both single-dose and two-dose induction regimens.
Jefferies wrote that this structure may help define a flexible real-world dosing paradigm, potentially supporting infrequent retreatment schedules and differentiating BPL-003 from existing clinic-based depression therapies.
Jefferies also flagged a series of upcoming catalysts in 2026 as important for sentiment and valuation. It pointed to VLS-01, an oral DMT buccal film for treatment-resistant depression, with Phase IIb data expected in the fourth quarter of 2026, noting that the readout could be a key stock-moving event depending on efficacy and durability outcomes.
In addition, the firm noted AtaiBeckley’s EMP-01, an oral R-MDMA candidate for social anxiety disorder, following Phase IIa data, and said it expects further clarity on next development steps in the near term.