Canaccord Genuity Group Forecasts Strong Price Appreciation for Compass Pathways (NASDAQ:CMPS) Stock

Compass Pathways (NASDAQ:CMPS) had its price target hoisted by stock analysts at Canaccord Genuity Group from $18.00 to $20.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 38.16% from the stock’s current price.

Several other analysts also recently issued reports on the company. Maxim Group boosted their price target on Compass Pathways from $12.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, May 15th. HC Wainwright reaffirmed a “buy” rating on shares of Compass Pathways in a report on Friday, May 22nd. UBS Group set a $18.00 price target on Compass Pathways in a research note on Thursday, May 7th. Jefferies Financial Group raised shares of Compass Pathways to a “strong-buy” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Compass Pathways in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $23.10.

Compass Pathways Stock Up 6.6%

Shares of NASDAQ CMPS traded up $0.90 during midday trading on Friday, reaching $14.48. The company’s stock had a trading volume of 1,321,912 shares, compared to its average volume of 3,587,642. The stock has a 50 day simple moving average of $10.80 and a 200-day simple moving average of $8.07. Compass Pathways has a fifty-two week low of $2.61 and a fifty-two week high of $14.76. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -4.58 and a beta of 2.50.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CMPS. RTW Investments LP raised its stake in shares of Compass Pathways by 0.6% in the fourth quarter. RTW Investments LP now owns 8,757,390 shares of the company’s stock valued at $60,426,000 after buying an additional 50,000 shares during the period. Nantahala Capital Management LLC grew its stake 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 valued at $11,704,000 after acquiring an additional 1,350,698 shares in the last quarter. Millennium Management LLC grew its position in shares of Compass Pathways by 39.9% during the 3rd quarter. Millennium Management LLC now owns 2,715,872 shares of the company’s stock valued at $15,562,000 after purchasing an additional 774,090 shares in the last quarter. Toronto Dominion Bank increased its stake in Compass Pathways by 152.9% in the 4th quarter. Toronto Dominion Bank now owns 2,529,013 shares of the company’s stock worth $17,447,000 after acquiring an additional 1,529,013 shares during the last quarter. Finally, ARK Investment Management LLC raised its stake in Compass Pathways by 1.6% in the fourth quarter. ARK Investment Management LLC now owns 2,156,012 shares of the company’s stock valued at $14,876,000 after purchasing an additional 34,894 shares in the last quarter. 46.19% of the stock is owned by institutional investors.

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.