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

Compass Pathways PLC Sponsored ADR (NASDAQ:CMPS) 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 trading hands.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMPS. Jefferies Financial Group restated a “buy” rating on shares of Compass Pathways in a research note on Wednesday, September 9th. Oppenheimer reissued an “outperform” rating and set a $20.00 price target on shares of Compass Pathways in a research report on Tuesday. BTIG Research restated a “buy” rating and issued a $25.00 price target on shares of Compass Pathways in a research note on Tuesday. B. Riley Financial boosted their price target on Compass Pathways from $17.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, HC Wainwright lowered their price target on 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 equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.14.

Hedge Funds Weigh In On Compass Pathways

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Candriam S.C.A. increased its holdings in Compass Pathways by 18.6% in the 3rd quarter. Candriam S.C.A. now owns 1,510,695 shares of the company’s stock worth $18,862,000 after acquiring an additional 236,417 shares during the last quarter. Eagle Health Investments LP raised its holdings in shares of Compass Pathways by 35.6% in the 1st quarter. Eagle Health Investments LP now owns 2,060,427 shares of the company’s stock valued at $11,394,000 after acquiring an additional 541,039 shares in the last quarter. CenterBook Partners LP lifted its holdings in shares of Compass Pathways by 454.1% during the 3rd quarter. CenterBook Partners LP now owns 695,943 shares of the company’s stock worth $8,658,000 after acquiring an additional 570,349 shares during the last quarter. Orbimed Advisors LLC bought a new position in shares of Compass Pathways during the 1st quarter valued at about $6,363,000. Finally, Affinity Asset Advisors LLC lifted its holdings in shares of Compass Pathways by 454.2% in the 1st quarter. Affinity Asset Advisors LLC now owns 1,108,483 shares of the company’s stock worth $6,130,000 after acquiring an additional 908,483 shares during the last quarter. Hedge funds and other institutional investors own 46.19% of the company’s stock.

Compass Pathways Trading Down 9.2%

The firm’s 50-day simple moving average is $12.57 and its 200-day simple moving average is $10.40. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $1.08 billion, a PE ratio of -2.24 and a beta of 2.43.

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.