Jefferies Analyst Says U.S. Government Reschedules Medical Marijuana to CIII
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 19 2025
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Jefferies analyst Andrew Tsai notes that the highest level of the U.S. government has signed an executive order to encourage the DEA to reschedule medical marijuana to a less stringent CIII for CNS indications like pain. The firm could see non-recreational psychedelics eventually follow suit, as long as sponsors continue producing Phase II/III data to suggest psychedelics can safely produce profound efficacy in mental health - arguably a function of time. Jefferies notes it thinks Atai Beckley's (ATAI) proprietary psychedelics have promise in tough $1B-plus mental health disorders. Other publicly traded companies in the space include Supernus (SUPN) and Cybin (CYBN).
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Analyst Views on ATAI
Wall Street analysts forecast ATAI stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ATAI is 13.13 USD with a low forecast of 10.00 USD and a high forecast of 16.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
9 Buy
0 Hold
0 Sell
Strong Buy
Current: 3.870
Low
10.00
Averages
13.13
High
16.00
Current: 3.870
Low
10.00
Averages
13.13
High
16.00
About ATAI
AtaiBeckley Inc. is a clinical-stage biotechnology company focused on transforming patient outcomes by developing rapid-acting and convenient mental health treatments. The Company's pipeline of novel therapies includes BPL-003 (mebufotenin benzoate nasal spray) for treatment-resistant depression (TRD), VLS-01 (DMT buccal film) for TRD and EMP-01 (oral R-MDMA) for social anxiety disorder, which are in Phase 2 clinical development. It is also advancing a drug discovery program to identify novel, non-hallucinogenic 5-HT2AR agonists for opioid use disorder and TRD. BPL-003 is being developed to produce rapid treatment effects from a single dose, within a two-hour interventional psychiatry treatment paradigm, and with a favorable safety profile. VLS-01 is a proprietary oral transmucosal film formulation of N,N-Dimethyltryptamine (DMT) being developed as a potential treatment for people living with treatment-resistant depression (TRD). EMP-01 is an oral formulation of R-MDMA.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
AtaiBeckley Provides 2026 Outlook with Accelerated Drug Development Plans
- Strategic Restructuring: AtaiBeckley enters 2026 with significant momentum following the merger of atai Life Sciences and Beckley Psytech and its redomiciliation to the U.S., which is expected to drive innovation in mental health treatments.
- Clinical Progress: BPL-003 demonstrated significant antidepressant effects in its Phase 2 trial for treatment-resistant depression, with plans to initiate a Phase 3 trial in Q2 2026, further validating its efficacy.
- Patent Protection: The new patent for EMP-01 was granted in December 2025, expected to provide market exclusivity until 2043, enhancing the company's competitive position in treating social anxiety disorder.
- Cost Savings: The completion of the redomiciliation from the Netherlands to the U.S. is anticipated to simplify corporate structure and reduce administrative burdens, thereby providing greater financial flexibility for future growth.
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GH Research Secures FDA Clearance for GH001 Clinical Trial
- FDA Approval: The U.S. FDA lifted the clinical hold on GH Research Plc's GH001 trial, enabling the company to advance this potential ultra-rapid treatment for treatment-resistant depression, marking a significant milestone.
- Trial Progress: In February 2025, GH001's Phase 2b trial met its primary endpoint, demonstrating a significant reduction of 15.2 points in the Montgomery-Åsberg Depression Rating Scale (MADRS) on Day 8, compared to a 0.3 point increase in the placebo group, indicating its strong antidepressant effect.
- Market Outlook: GH Research anticipates initiating its global pivotal program in 2026, with the CEO stating that discussions with the FDA will align the design for the Phase 3 trial, further propelling the product's market entry.
- Stock Reaction: GH Research shares surged 34.52% to $17.86 at the time of publication, reflecting positive market sentiment towards the FDA approval and optimistic expectations for future growth.
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