Compass Pathways (NASDAQ:CMPS) Shares Gap Up After Strong Earnings

Compass Pathways PLC Sponsored ADR (NASDAQ:CMPS) shares gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $8.41, but opened at $9.00. Compass Pathways shares last traded at $9.1150, with a volume of 2,243,143 shares traded.

The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.08.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank Of Canada reiterated an “outperform” rating on shares of Compass Pathways in a research note on Wednesday. Jefferies Financial Group reiterated a “buy” rating on shares of Compass Pathways in a research note on Wednesday, September 9th. BTIG Research reissued a “buy” rating and issued a $25.00 target price on shares of Compass Pathways in a research report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Compass Pathways in a report on Thursday, October 15th. Finally, HC Wainwright dropped their price target on shares of Compass Pathways from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Compass Pathways currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.14.

Hedge Funds Weigh In On Compass Pathways

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vivo Capital LLC bought a new position in Compass Pathways during the first quarter worth $1,106,000. Seven Fleet Capital Management LP increased its position in Compass Pathways by 295.1% during the 1st quarter. Seven Fleet Capital Management LP now owns 158,021 shares of the company’s stock worth $874,000 after purchasing an additional 118,021 shares in the last quarter. Orbimed Advisors LLC acquired a new position in Compass Pathways in the 1st quarter valued at approximately $6,363,000. Eversept Partners LP acquired a new position in shares of Compass Pathways in the first quarter worth approximately $3,749,000. Finally, Eagle Health Investments LP lifted its stake in Compass Pathways by 35.6% in the first quarter. Eagle Health Investments LP now owns 2,060,427 shares of the company’s stock valued at $11,394,000 after buying an additional 541,039 shares during the period. 46.19% of the stock is currently owned by institutional investors and hedge funds.

Compass Pathways Stock Performance

The stock has a market cap of $1.08 billion, a P/E ratio of -2.24 and a beta of 2.43. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.30 and a quick ratio of 1.30. The company has a fifty day moving average price of $12.57 and a 200 day moving average price of $10.40.

Compass Pathways Company Profile

Compass Pathways plc is a biotechnology company developing novel treatments for mental health conditions. The company’s lead investigational product is COMP360, a proprietary formulation of synthetic psilocybin administered with psychological support in a controlled clinical setting.

Compass Pathways has focused primarily on treatment-resistant depression, a condition in which patients do not respond adequately to existing therapies. Its research programs have included mid- and late-stage clinical trials designed to evaluate the safety and effectiveness of COMP360, as well as studies exploring its potential use in other mental health disorders.

Founded in 2016 and headquartered in London, Compass Pathways conducts research and clinical development activities across the United States, the United Kingdom and other international markets.