COMPASS Pathways (NASDAQ:CMPS) Earns "Buy" Rating from Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has reiterated a "buy" rating for COMPASS Pathways (NASDAQ:CMPS) with a target price of $15.00, indicating a potential upside of 243.64% from its current price.
• COMPASS Pathways is focused on developing COMP360, a psilocybin therapy currently in Phase III trials for treatment-resistant depression and in Phase II for PTSD and anorexia.
• The company's recent earnings report showed a loss of ($0.38) EPS, slightly missing analyst estimates, while the consensus rating remains a "Moderate Buy" with a price target of $17.00.

Canaccord Genuity Group reiterated their buy rating on shares of COMPASS Pathways (NASDAQ:CMPS - Free Report) in a research report report published on Friday morning,Benzinga reports. They currently have a $15.00 target price on the stock.

Several other equities research analysts also recently commented on CMPS. Cantor Fitzgerald reiterated an "overweight" rating and issued a $12.00 price objective on shares of COMPASS Pathways in a report on Tuesday, May 27th. HC Wainwright restated a "buy" rating and set a $45.00 price objective on shares of COMPASS Pathways in a research report on Tuesday, July 15th. Finally, Evercore ISI reiterated an "in-line" rating and set a $6.00 target price (down from $11.00) on shares of COMPASS Pathways in a research note on Monday, June 23rd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $16.29.

COMPASS Pathways Stock Down 2.6%

COMPASS Pathways stock traded down $0.12 during trading hours on Friday, hitting $4.48. 946,209 shares of the stock traded hands, compared to its average volume of 1,841,871. COMPASS Pathways has a one year low of $2.25 and a one year high of $8.54. The firm's 50-day moving average price is $4.00 and its two-hundred day moving average price is $3.81. 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 company has a market cap of $429.81 million, a PE ratio of -2.43 and a beta of 2.17.

COMPASS Pathways (NASDAQ:CMPS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.01). On average, research analysts forecast that COMPASS Pathways will post -2.33 EPS for the current year.

Hedge Funds Weigh In On COMPASS Pathways

Several large investors have recently added to or reduced their stakes in CMPS. Cerity Partners LLC purchased a new stake in shares of COMPASS Pathways in the first quarter worth $29,000. GAMMA Investing LLC raised its holdings in COMPASS Pathways by 93.6% during the first 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. Ethos Financial Group LLC purchased a new position in shares of COMPASS Pathways in the first quarter valued at about $35,000. Flagship Harbor Advisors LLC grew its position in shares of COMPASS Pathways by 27.7% during the first quarter. Flagship Harbor Advisors LLC now owns 14,446 shares of the company's stock worth $41,000 after purchasing an additional 3,134 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in COMPASS Pathways during the 1st quarter valued at approximately $41,000. 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.