Canaccord analyst Sumant Kulkarni raised the firm’s price target on Compass Pathways (CMPS) to $20 from $15 and keeps a Buy rating on the shares. The firm noted they announced the much-awaited Phase 3 data for COMP360 (psilocybin) in treatment-resistant depression (TRD). With these results, CMPS has now reported two Phase 3 trials (COMP005/006) in which COMP360 met its primary endpoints and hit statistical significance. We view these data, which were consistent across both Phase 3 trials, as bolstering CMPS’ case as it pertains to what could become the first FDA approval for a classical psychedelic molecule.
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