Maxim Group analyst Michael Okunewitch maintained a Buy rating on COMPASS Pathways yesterday and set a price target of $12.00.
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Michael Okunewitch has given his Buy rating due to a combination of factors that highlight COMPASS Pathways’ promising position in the mental health care sector. The company’s accelerated clinical development plans, particularly with the COMP005 and COMP006 studies, demonstrate a proactive approach to advancing their proprietary psilocybin therapy, COMP360. This acceleration is supported by insights from recent regulatory interactions and a faster-than-expected enrollment, which could expedite their commercial readiness by nearly a year.
Additionally, COMPASS Pathways’ application for the Commissioner’s National Priority Voucher (CNPV) could significantly shorten the review timeline for their therapy, potentially bringing it to market sooner. The institutional support for psychedelic therapies, as indicated by statements from the FDA and HHS, further strengthens COMPASS Pathways’ strategic position. These factors, combined with the company’s robust cash position and the broader industry validation from major biotech acquisitions, reinforce the confidence in COMPASS Pathways as they approach key data releases in the coming quarters.
Okunewitch covers the Healthcare sector, focusing on stocks such as Ocugen, Lineage Therap, and Citius Oncology. According to TipRanks, Okunewitch has an average return of -0.1% and a 39.92% success rate on recommended stocks.
In another report released on November 5, H.C. Wainwright also reiterated a Buy rating on the stock with a $40.00 price target.