After atai Life Sciences (NASDAQ: ATAI) shared the results of subsidiary Perception Neuroscience’s Phase 2 trial of R-ketamine compound for TRD, the psychedelics biotech’s stocks plummeted.

The closing stock price on Jan. 11 was $1.72, more than 90% below its IPO price from June 2021 when the company went public on the Nasdaq. 

The situation naturally caught the eye of major investors like Cathie Wood’s ARK fund, which had consistently invested in atai since February 2022 and sold  922,367 units between Jan. …

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