BUZZ-Jefferies says J&J's depression drug sales bode well for psychedelics
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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.
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