B. Riley initiated coverage of Compass Pathways (CMPS) with a Buy rating and $17 price target The company is on track to develop the first FDA-approved oral psychedelic drug for treatment-resistant depression, but the stock trades in the bottom percentile of its psychedelic peers, the analyst tells investors in a research note. The firm views the COMP006 Part B 26- week durability readout in early Q3 as the most important near-term catalyst for the shares. A “clean print” and subsequent successful new drug application submission in Q4 may drive over 50% upside in the stock, contends Riley.
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