COMPASS Pathways (NASDAQ:CMPS) Stock Price Down 9.8% – Here’s What Happened

COMPASS Pathways PLC Sponsored ADR (NASDAQ:CMPS) shares dropped 9.8% during mid-day trading on Wednesday . The stock traded as low as $5.99 and last traded at $5.9830. Approximately 447,068 shares traded hands during trading, a decline of 75% from the average daily volume of 1,812,489 shares. The stock had previously closed at $6.63.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. HC Wainwright cut their price target on shares of COMPASS Pathways from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, August 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of COMPASS Pathways in a research note on Wednesday, October 8th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price target on shares of COMPASS Pathways in a research note on Friday, August 1st. Finally, BTIG Research increased their price target on shares of COMPASS Pathways from $7.00 to $14.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.57.

COMPASS Pathways Stock Performance

The stock’s 50 day moving average price is $5.74 and its 200 day moving average price is $4.65. The company has a current ratio of 8.82, a quick ratio of 8.82 and a debt-to-equity ratio of 0.16. The firm has a market cap of $558.08 million, a PE ratio of -3.17 and a beta of 2.22.

Hedge Funds Weigh In On COMPASS Pathways

A number of hedge funds have recently made changes to their positions in CMPS. GAMMA Investing LLC raised its stake in shares of COMPASS Pathways by 93.6% in the 1st quarter. GAMMA Investing LLC now owns 10,349 shares of the company’s stock valued at $30,000 after acquiring an additional 5,003 shares during the period. Alps Advisors Inc. grew its holdings in COMPASS Pathways by 19.7% during the 1st quarter. Alps Advisors Inc. now owns 66,231 shares of the company’s stock valued at $189,000 after purchasing an additional 10,899 shares in the last quarter. Cerity Partners LLC acquired a new stake in COMPASS Pathways during the 1st quarter valued at $29,000. ARK Investment Management LLC grew its holdings in COMPASS Pathways by 4.0% during the 1st quarter. ARK Investment Management LLC now owns 1,804,803 shares of the company’s stock valued at $5,162,000 after purchasing an additional 68,601 shares in the last quarter. Finally, BIT Capital GmbH grew its holdings in COMPASS Pathways by 112.9% during the 1st quarter. BIT Capital GmbH now owns 246,320 shares of the company’s stock valued at $704,000 after purchasing an additional 130,623 shares in the last quarter. Hedge funds and other institutional investors own 46.19% of the company’s stock.

About COMPASS Pathways

COMPASS Pathways plc operates as a mental health care company in the United Kingdom and the United States. It develops COMP360, a psilocybin therapy that is in Phase III clinical trials for the treatment of treatment-resistant depression; and is in Phase II clinical trials for the treatment of post-traumatic stress disorder and anorexia nervosa.