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Compass Pathways price target lowered to $7 from $12 at BTIG

BTIG lowered the firm’s price target on Compass Pathways (CMPS) to $7 from $12 but keeps a Buy rating on the shares. The firm notes that COMP360 represents the “very careful development of a mediocre drug” relative to other options in the psychedelic and neuro-plastic pipeline, the analyst tells investors in a research note. Yesterday’s 49% decline was “a lot of movement” for a top-line announcement that was essentially as expected however, the firm added.

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