Oppenheimer Starts Compass Pathways (CMPS) at Outperform

Oppenheimer analyst Francois Brisebois initiates coverage on Compass Pathways (NASDAQ: CMPS) with a Outperform rating and a price target of $50.00.

The analyst comments "As a biotech company focused on treating mental health disorders, CMPS is leading the psychedelic resurgence. Its main value driver is COMP360 (oral synthetic psilocybin) plus psychotherapy to treat Treatment-Resistant Depression (TRD). After receiving BTD in 2018, COMP360 is expected to read out Phase 2b data this quarter (key milestone for the space). With ~1/3 of the ~330M MDD patients worldwide suffering from TRD, it doesn't take much market penetration to enter blockbuster territory. Although we believe the lengthy psilocybin administration session could be challenging, we are encouraged by CMPS's investment in digital technology for optimal accessibility. Due to supportive recent publications, we are optimistic ahead of P2b data as CMPS attempts to offer a rapid, durable treatment option for a large, desperate patient population."

For an analyst ratings summary and ratings history on Compass Pathways click here. For more ratings news on Compass Pathways click here.

Shares of Compass Pathways closed at $39.52 yesterday.

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