Compass Pathways (NASDAQ:CMPS) Upgraded to “Outperform” at Evercore

Evercore upgraded shares of Compass Pathways (NASDAQ:CMPS) from an in-line rating to an outperform rating in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm currently has $21.00 price target on the stock.

A number of other equities research analysts have also issued reports on the company. Wolfe Research reaffirmed an “outperform” rating on shares of Compass Pathways in a research report on Tuesday. UBS Group set a $18.00 price objective on Compass Pathways in a research report on Thursday, May 7th. B. Riley Financial assumed coverage on shares of Compass Pathways in a research note on Friday, April 24th. They set a “buy” rating and a $17.00 target price on the stock. BTIG Research raised their target price on shares of Compass Pathways from $14.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $17.00 price target on shares of Compass Pathways in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.15.

Compass Pathways Price Performance

Shares of CMPS opened at $13.97 on Wednesday. The company has a market cap of $1.89 billion, a P/E ratio of -4.43 and a beta of 2.47. Compass Pathways has a fifty-two week low of $3.45 and a fifty-two week high of $15.40. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average price is $11.80 and its 200 day moving average price is $8.53.

Compass Pathways (NASDAQ:CMPS) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.15. On average, research analysts forecast that Compass Pathways will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CMPS. Toronto Dominion Bank boosted its holdings in Compass Pathways by 152.9% in the fourth quarter. Toronto Dominion Bank now owns 2,529,013 shares of the company’s stock valued at $17,447,000 after purchasing an additional 1,529,013 shares in the last quarter. Nantahala Capital Management LLC raised its holdings in Compass Pathways by 47.7% during the second quarter. Nantahala Capital Management LLC now owns 4,179,930 shares of the company’s stock worth $11,704,000 after purchasing an additional 1,350,698 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Compass Pathways during the third quarter worth approximately $6,926,000. Orbimed Advisors LLC acquired a new stake in Compass Pathways during the first quarter worth approximately $6,363,000. Finally, Siren L.L.C. purchased a new stake in shares of Compass Pathways during the 4th quarter worth approximately $6,900,000. Hedge funds and other institutional investors own 46.19% of the company’s stock.

Key Headlines Impacting Compass Pathways

Here are the key news stories impacting Compass Pathways this week:

• Positive Sentiment: Compass Pathways announced 26-week data from its second Phase 3 COMP006 trial, saying COMP360 showed a rapid and durable antidepressant effect in treatment-resistant depression, strengthening the FDA case for the drug. Business Wire article
• Positive Sentiment: Evercore upgraded CMPS from in-line to outperform and set a $21 price target, citing the latest psychedelic therapy data. Seeking Alpha article
• Positive Sentiment: BTIG raised its price target to $25 from $14 and kept a buy rating, while HC Wainwright reaffirmed buy and lifted its target to $70, reflecting much higher upside expectations. Benzinga article
• Positive Sentiment: Morgan Stanley reaffirmed an overweight rating with a $17 target, adding to the bullish analyst backdrop. Benzinga article
• Neutral Sentiment: Media coverage noted the stock’s gains were muted at times as investors balanced the promising trial results against valuation concerns and the need for FDA filing progress. Yahoo Finance article
• Neutral Sentiment: Additional commentary reviewed Phase 3 COMP006 data and highlighted the durability of the treatment response, but did not materially change the thesis beyond reinforcing the recent trial readout. Seeking Alpha article

About Compass Pathways

Compass Pathways (NASDAQ: CMPS) is a clinical-stage biotechnology company focused on the development and commercialization of psilocybin therapy for mental health disorders. Founded in 2016 and headquartered in London with additional offices in the United States, Compass Pathways is pioneering the use of synthetic psilocybin combined with psychotherapy to address treatment-resistant depression. The company’s flagship program is a Phase IIb clinical trial evaluating COMP360, its proprietary psilocybin formulation, which has received Breakthrough Therapy designation from the U.S.