Canaccord Genuity Group Cuts Compass Pathways (NASDAQ:CMPS) Price Target to $18.00

Compass Pathways (NASDAQ:CMPS) had its price objective dropped by analysts at Canaccord Genuity Group from $20.00 to $18.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 212.61% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Compass Pathways in a report on Wednesday, January 21st. Compass Point set a $15.00 price target on Compass Pathways in a research report on Thursday, February 12th. HC Wainwright lifted their price target on Compass Pathways from $40.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Royal Bank Of Canada boosted their price objective on Compass Pathways from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. Finally, Lifesci Capital raised shares of Compass Pathways to a “strong-buy” rating in a research note on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Compass Pathways currently has an average rating of “Moderate Buy” and an average target price of $21.63.

Compass Pathways Price Performance

NASDAQ:CMPS traded up $0.14 during trading hours on Thursday, reaching $5.76. 609,972 shares of the company’s stock were exchanged, compared to its average volume of 2,969,010. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $552.88 million, a P/E ratio of -1.86 and a beta of 1.90. Compass Pathways has a 12 month low of $2.25 and a 12 month high of $8.90. The business’s 50-day simple moving average is $6.74 and its two-hundred day simple moving average is $6.30.

Compass Pathways (NASDAQ:CMPS) last posted its quarterly earnings results on Tuesday, March 24th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.20). Sell-side analysts expect that Compass Pathways will post -2.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada increased its position in Compass Pathways by 49.8% in the 1st quarter. Royal Bank of Canada now owns 89,446 shares of the company’s stock worth $256,000 after purchasing an additional 29,733 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Compass Pathways by 42.0% during the 1st quarter. Acadian Asset Management LLC now owns 240,591 shares of the company’s stock valued at $686,000 after buying an additional 71,112 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Compass Pathways in the 2nd quarter valued at approximately $220,000. Hsbc Holdings PLC bought a new stake in shares of Compass Pathways in the 2nd quarter valued at approximately $3,011,000. Finally, Schroder Investment Management Group acquired a new position in Compass Pathways in the second quarter worth approximately $1,525,000. Hedge funds and other institutional investors own 46.19% of the company’s stock.

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.