Why Atai Life Sciences Stock Crushed It on Tuesday

Atai Life Sciences (NASDAQ: ATAI), an ambitious biotech that targets mental health disorders, was a hot item among equity investors Tuesday. The company saw its share price rise by just under 15% that day, thanks to quite positive results from a clinical trial of an investigational drug. That rise came during a session when the S&P 500 index fell by 0.6%. That drug, tagged BPL-003 by Atai, is an antidepressant that was recently evaluated in an open-label phase 2a study. The company is developing the medication in collaboration with a privately held healthcare company based in the U.K., Beckley Psytech. The study aimed to evaluate the medicine's effect on patients with treatment-resistant depression. Image source: Getty Images.Continue reading