Compass Pathways results ‘historic first’ for psychedelics, says H.C. Wainwright

After Compass Pathways (CMPS) announced top-line data in which a single 25 mg dose of COMP360 oral psilocybin demonstrated a highly statistically significant and clinically meaningful reduction in depressive symptoms compared to placebo at 6 weeks, H.C. Wainwright says that meeting the primary endpoint in the Phase 3 COMP005 trial in treatment-resistant depression marks “a historic first for a psychedelic therapy.” In addition to this readout representing the first-ever positive Phase 3 efficacy data for a classic psychedelic, it positions COMP360 as “a potential first-in-class treatment in a large, underserved depression market,” says the analyst, who reiterates a Buy rating and $45 price target on the shares.