ATAI Stock Soars On Eli Lilly’s $2.8B Buyout – Why Are CMPS Shares Rising Too?

• Eli Lilly announced it will pay $6.75 per share in cash, with additional milestone payments tied to the development of ATAI's two lead depression therapies.
• The pharma giant said the acquisition strengthens its neuroscience pipeline with two late-stage programs targeting treatment-resistant depression.
• Over the past year, Compass has significantly outperformed ATAI.

Shares of AtaiBeckley Inc. (ATAI) and Compass Pathways (CMPS) surged in pre-market trade on Thursday, and both were among the top-trending tickers on Stockwits after Eli Lilly (LLY) confirmed it is acquiring AtaiBeckley.

Lilly stated it will acquire all outstanding ATAI shares for $6.75 per share in cash at closing, plus up to $2.50 per share tied to future development and regulatory milestones for ATAI's two lead programs, bringing total potential value to as much as $9.25 per share. 

Based on ATAI's Wednesday close of around $5.36, the $6.75 per share cash offer represents a premium of approximately 25.9%. Taking total potential consideration of $9.25 into account, the premium to Wednesday's close would be approximately 72.6%.

The deal is expected to close in the third quarter (Q3), pending shareholder and regulatory approval. 

ATAI stock jumped over 33% in pre-market trade, paring gains from a jump of around 60% earlier in the day. If pre-market grains hold, ATAI’s stock is on track to hit its highest levels since December 2021 and mark the biggest single-day jump in the company’s history.

LLY's stock was also among the top trending tickers on Stocktwits, edging higher by around 0.4% in pre-market trade.

What is Lilly Buying?

ATAI's lead asset is BPL-003, an intranasal, synthetic form of 5-MeO-DMT for treatment-resistant depression that has already earned FDA Breakthrough Therapy Designation and entered Phase 3 activities, following a Phase 2b study showing rapid and durable symptom reduction after a roughly two-hour in-clinic session. 

Its second program, VLS-01, is a buccal film formulation of DMT currently in Phase 2b. "Treatment-resistant depression persists even after multiple treatments have failed. Millions of people are still searching for relief and desperately need a therapy that works," said Carole Ho, Lilly Neuroscience's president. 

ATAI co-founder and CEO Srinivas Rao said the deal gives the company's pipeline "the resources and scale" to move faster than it could independently.

Why Is CMPS Stock Rallying Too?

CMPS stock gained more than 7% in pre-market trade, and the move isn't purely coincidental. ATAI has historically been Compass's largest shareholder, though its stake has fallen from a peak of roughly 29% to 4.96% as of a February 2026 filing, dropping it below the 5% threshold requiring continued disclosure of its position.

CMPS shares are also riding a separate, broader tailwind. Regulatory momentum for psychedelic therapies has been building steadily since President Donald Trump signed an executive order in April directing the Federal Drug Administration (FDA) to fast-track review of psychedelic drugs with Breakthrough Therapy designation. 

Earlier this week, the FDA announced a public hearing on psychedelic therapies and published final clinical guidance for developers on July 14. The Department of Health and Human Services (HHS) and the Department of Veterans Affairs also announced a new collaboration in anticipation of the first investigational drug approvals. 

How Does Retail Feel About AtaiBeckley-Eli Lilly Deal?

Retail sentiment around ATAI stock on Stocktwits rose to ‘extremely bullish’ from ‘bullish’ territory over the past day. Chatter stayed at ‘extremely high’ levels. Meanwhile, sentiment around CMPS stock fell to ‘neutral’ from ‘bullish’ territory, accompanied by chatter at ‘high’ levels. 

Retail traders on the platform expressed excitement about what the takeover could mean for AtaiBeckley’s future growth.

https://www.stocktwits.com/LoadedUP1000/message/659184838

Comparing The Fundamentals

The two companies sit at different stages of development. ATAI’s stock carries a ‘Strong Buy’ rating from two analysts, and a ‘Buy’ rating from 12 out of the 14 analysts covering the stock, according to Koyfin data. The average price target for the shares is around $14.17, and a trailing one-year return of about 102%.

Wall Street was similarly bullish on Compass as well. CMPS Stock carries a ‘Strong Buy’ rating from three analysts and a ‘Buy’ rating from 12 out of the 15 analysts covering the stock. The average price target for the shares is around $24.47, implying a roughly 84% potential upside from Wednesday's close.

Neither company currently generates meaningful revenue. Compass has posted essentially $0 in quarterly sales across every quarter tracked since early 2025, reflecting its status as a clinical-stage company with no approved products yet.
Consensus estimates project continued losses, including a projected adjusted loss of $0.31 per share for the quarter ending June 30. 

ATAI shows a similar profile, with quarterly sales in the range of just $0 to $2 million and a projected adjusted loss of $0.11 per share for the same period.

Over the past year, Compass has significantly outpaced ATAI since mid-April, gaining nearly 93% year-to-date versus ATAI's roughly 31%

Unlike ATAI, which will now become part of Eli Lilly, Compass remains an independent, publicly traded company focused on developing psychedelic therapies for treatment-resistant mental health conditions.

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