Compass Pathways (NASDAQ:CMPS) Announces Quarterly Earnings Results

Compass Pathways (NASDAQ:CMPS) released its earnings results on Wednesday. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.15, FiscalAI reports.

Here are the key takeaways from Compass Pathways’ conference call:

• COMPASS said it has now reported positive Phase III data from both pivotal TRD studies, with COMP360 showing rapid onset and durable efficacy across a program of more than 1,000 patients.
• The company reiterated it is launch-ready by year-end and has begun its rolling NDA submission, with the final expected dataset from COMP006 Part B due in early Q3.
• Management highlighted the Commissioner’s National Priority Voucher as a potential acceleration tool, and said it is working closely with FDA and DEA to compress review and rescheduling timelines as much as possible.
• COMPASS said its commercial readiness is advancing quickly, including a growing sales organization, payer engagement, and state/federal access planning; it also expects the existing CPT III reimbursement codes to support provider monitoring costs.
• Beyond TRD, the company is moving ahead with a late-stage PTSD program, which it plans to run as a single registration trial, while also exploring broader future opportunities in other neuropsychiatric disorders.

Compass Pathways Stock Performance

Shares of CMPS stock traded up $1.59 during trading on Wednesday, reaching $10.96. 8,626,653 shares of the company’s stock were exchanged, compared to its average volume of 3,550,330. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $1.41 billion, a PE ratio of -3.55 and a beta of 2.39. Compass Pathways has a twelve month low of $2.25 and a twelve month high of $11.08. The firm’s fifty day moving average price is $7.01 and its 200-day moving average price is $6.65.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Persistent Asset Partners Ltd acquired a new position in shares of Compass Pathways during the 4th quarter worth approximately $38,000. Advisory Services Network LLC acquired a new position in shares of Compass Pathways during the 3rd quarter worth approximately $41,000. MML Investors Services LLC acquired a new position in shares of Compass Pathways during the 4th quarter worth approximately $69,000. Magnetar Financial LLC acquired a new position in shares of Compass Pathways during the 4th quarter worth approximately $91,000. Finally, Raymond James Financial Inc. increased its holdings in shares of Compass Pathways by 82.7% during the 3rd quarter. Raymond James Financial Inc. now owns 13,763 shares of the company’s stock worth $79,000 after acquiring an additional 6,228 shares during the last quarter. 46.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CMPS shares. Compass Point set a $15.00 price objective on Compass Pathways in a research note on Thursday, February 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Compass Pathways in a research note on Monday, April 20th. Morgan Stanley dropped their price objective on Compass Pathways from $18.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. Canaccord Genuity Group dropped their price objective on Compass Pathways from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Finally, BTIG Research reiterated a “buy” rating and set a $14.00 price objective on shares of Compass Pathways in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.55.

Compass Pathways Company Profile

Compass Pathways (NASDAQ: CMPS) is a clinical-stage biotechnology company focused on the development and commercialization of psilocybin therapy for mental health disorders. Founded in 2016 and headquartered in London with additional offices in the United States, Compass Pathways is pioneering the use of synthetic psilocybin combined with psychotherapy to address treatment-resistant depression. The company’s flagship program is a Phase IIb clinical trial evaluating COMP360, its proprietary psilocybin formulation, which has received Breakthrough Therapy designation from the U.S.