Atai Life Sciences (NASDAQ: ATAI) made its highly-anticipated Nasdaq debut on Friday.
Backed by PayPal (NASDAQ: PYPL) founder Peter Thiel, the company had raised over $362 million since its inception in 2018. Atai raised an additional $225 million from its upsized initial public offering on Thursday, selling 15 million shares at a price of $15.
Atai is also a major shareholder in Compass Pathways, holding around 25% of its shares.
Largely focused on drug development, Atai’s revenue stream is still dependent on the regulatory approval of the compounds and treatments in its pipeline. As of now, molecules and treatments under Atai’s wing are still going through various stages of development from discovery to Phase II clinical trials.
Price Action: Atai stock opened trading on Friday at $21, giving the company a market valuation of about $3.19 billion at the time.
The stock peaked at about $22 before noon and then reached a low-end point of $16.50 to close its first day of trading at $19.45.
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