COMPASS Pathways (NASDAQ:CMPS) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of COMPASS Pathways (NASDAQ:CMPS) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “COMPASS Pathways plc is a mental health care company. It operates principally in New York, USA. COMPASS Pathways plc is headquartered in London, UK. “

Several other brokerages have also recently weighed in on CMPS. Cantor Fitzgerald lifted their price target on COMPASS Pathways from $71.00 to $82.00 and gave the company an overweight rating in a research report on Tuesday, November 9th. They noted that the move was a valuation call. Roth Capital boosted their target price on COMPASS Pathways from $79.00 to $117.00 and gave the stock a buy rating in a research report on Tuesday, November 9th. Citigroup boosted their target price on COMPASS Pathways from $66.00 to $70.00 and gave the stock a buy rating in a research report on Tuesday, November 9th. Oppenheimer initiated coverage on COMPASS Pathways in a research report on Thursday, October 28th. They set an outperform rating and a $50.00 target price for the company. Finally, HC Wainwright boosted their target price on COMPASS Pathways from $100.00 to $120.00 and gave the stock a buy rating in a research report on Monday, November 22nd. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $74.50.

Shares of NASDAQ CMPS opened at $17.90 on Tuesday. The stock has a market cap of $746.98 million, a PE ratio of -10.59 and a beta of 3.65. COMPASS Pathways has a fifty-two week low of $17.00 and a fifty-two week high of $58.62. The stock has a fifty day moving average of $26.93 and a 200-day moving average of $31.82.

COMPASS Pathways (NASDAQ:CMPS) last announced its quarterly earnings results on Monday, November 8th. The company reported ($0.38) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.49) by $0.11. Analysts predict that COMPASS Pathways will post -1.68 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of CMPS. Advisor Group Holdings Inc. boosted its holdings in shares of COMPASS Pathways by 83.3% in the 2nd quarter. Advisor Group Holdings Inc. now owns 1,283 shares of the company’s stock worth $48,000 after purchasing an additional 583 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of COMPASS Pathways by 13.6% in the 2nd quarter. HighTower Advisors LLC now owns 6,515 shares of the company’s stock worth $248,000 after purchasing an additional 779 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of COMPASS Pathways by 51.5% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 5,985 shares of the company’s stock worth $228,000 after purchasing an additional 2,035 shares in the last quarter. Virtus ETF Advisers LLC purchased a new position in shares of COMPASS Pathways in the 2nd quarter worth about $218,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of COMPASS Pathways in the 2nd quarter worth about $269,000. Hedge funds and other institutional investors own 17.86% 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 formulation that is in Phase IIb clinical trial to treat patients with treatment-resistant depression. The company was formerly known as COMPASS Rx Limited and changed its name to COMPASS Pathways plc in August 2020.

Further Reading: Arbitrage

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