BUZZ-Jefferies says J&J's depression drug sales bode well for psychedelics
Brokerage Jefferies highlights that Johnson & Johnson's (JNJ) quarterly sales growth of Spravato, a nasal spray for treatment-resistant depression, indicates positive prospects for psychedelic treatments. JNJ reported Q1 sales of $320 million for Spravato, a 41.9% increase year-over-year. Jefferies believes JNJ's infrastructure development will aid the adoption of future psychedelics, benefiting companies like Atai Life Sciences, whose drug BPL-003 is in mid-stage development. U.S. shares of Atai rose 3.3%, while Compass Pathways, also developing a psychedelic treatment, saw a 1.7% increase.
Brokerage Jefferies says quarterly sales growth of Spravato, Johnson & Johnson’s (JNJ.N) nasal spray for treatment-resistant depression, bodes well for psychedelic treatments
JNJ reports Q1 sales of $320 million for Spravato, up 41.9% from a year earlier
JNJ’s commitment to building out infrastructure by working with hospitals or physicians and marketing the drug should only help facilitate adoption of future psychedelics, says Jefferies
Brokerage says existing players in this space such as Atai Life Sciences (9VC.DE) could “eventually leverage the global infrastructure built by JNJ”
Atai’s depression drug BPL-003 is currently in mid-stage development
U.S.-listed shares of Atai (ATAI.O) up 3.3%
Shares of Compass Pathways (CMPS.O) , which also has a psychedelic depression treatment in development, climbs 1.7%
Including session’s move, ATAI up 5.3%, CMPS down 18.8% YTD
