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

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