Stifel initiated coverage on Compass Pathways plc (NASDAQ:CMPS), saying, “The Time Is Now for Psychedelics.”
Compass is a clinical-stage biotechnology company focused on developing psychedelics-based drugs for neuropsychiatric disorders.
The analyst equates COMP360 to Spravato 2.0. Johnson & Johnson’s (NYSE:JNJ) Spravato (esketamine) is a nasal spray for TRD and major depressive disorder (MDD), selling over ~$1 billion annually.
Stifel writes, “commercial success of Spravato offers major validation that the intermittent psychedelic treatment model for depression is scalable.”
Stifel has initiated with a Buy rating and a price target of $11. Analyst Paul Matteis expects the company to be well positioned over the next ~18 months to derisk COMP360 (psilocybin) …
