Even though atai does not directly control the BPL-003 program, a positive readout should still yield upside, the analysts wrote, pointing out atai's 34% equity stake in Beckley and its option to increase ownership to over 45%. Regulatory support for psychedelics is another tailwind for atai, the analysts added. Jefferies noted that FDA Commissioner Dr Martin Makary and HHS Secretary RFK Jr have publicly voiced support for psychedelic therapies, and that the FDA has awarded Breakthrough Therapy designations for compounds like psilocybin, MDMA, and esketamine. They have a 'Buy' rating on atai and $5 price target. Shares traded 12% higher at about $2 on Tuesday afternoon.