Michael Okunewitch, an analyst from Maxim Group, maintained the Buy rating on COMPASS Pathways. The associated price target remains the same with $12.00.
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Michael Okunewitch has given his Buy rating due to a combination of factors that highlight COMPASS Pathways’ strong positioning in the psychedelic medicine space. The company has reported statistically significant results from its Phase 2b and Phase 3 trials for its synthetic psilocybin formulation, COMP360, which is a promising treatment for treatment-resistant depression. This positions COMPASS Pathways as a leader in the field, especially as regulatory bodies like the FDA and HHS show increasing support for psychedelic therapies.
Moreover, the broader industry context is favorable, with growing interest from major pharmaceutical companies in psychedelic medicine, as evidenced by potential acquisitions such as AbbVie’s interest in Gilgamesh Pharmaceuticals. This interest suggests a resurgence in the field, and COMPASS Pathways is well-positioned to capitalize on these industry tailwinds. The company’s solid financial standing, with sufficient funding expected through 2027, further supports its potential for accelerated approval and market success.
According to TipRanks, Okunewitch is an analyst with an average return of -12.1% and a 36.28% success rate. Okunewitch covers the Healthcare sector, focusing on stocks such as ATAI Life Sciences, Longeveron, and COMPASS Pathways.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $40.00 price target.