Atai raises stake in Compass as Body and Mind acquires Seaside dispensary
In this week’s “Rising High,” The Fly’s recurring series focused on cannabis and psychedelic stock news, The Fly looks back on Atai upping its ownership stake in mental health care company COMPASS Pathways, as well as other acquisitions and partnerships.
ATAI INCREASES OWNERSHIP IN COMPASS: Atai Life Sciences (ATAI) announced Monday that it has increased its ownership interest in COMPASS Pathways (CMPS) from 19.4% to 20.8%. The company said, “This equity stake increase is a demonstration of atai’s confidence in COMPASS Pathways and in the potential of COMP360 in mental health care, following the recent COMP360 data in treatment-resistant depression. This solidifies atai’s position as COMPASS’ largest shareholder.”
Following the news, Maxim analyst Michael Okunewitch initiated coverage of Atai Life Sciences with a Buy rating and $25 price target. The analyst said he is positive on the company’s pipeline of novel and “de-risked assets” in mental health and central nervous system disease, with compounds targeting treatment-resistant depression, substance use disorder, anxiety, post-traumatic stress disorder, cognitive effects of schizophrenia, and mild traumatic brain injury. Atai’s strategy of selecting compounds with prior evidence in humans in areas of high unmet need has established it as not just a leader in psychedelics, but CNS disease more broadly, Okunewitch said.
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