Compass Pathways (CMPS) PT Raised to $21 at Stifel

Stifel analyst Paul Matteis raised the price target on Compass Pathways (NASDAQ: CMPS) to $21.00 (from $14.00) while maintaining a Buy rating.

The analyst comments "We're raising our Target Price to $21 following 6-month blinded durability data from the '006 study of COMP360 (LINK) which affirms the added clinical benefit of a seconddose of COMP360 and supports a drug profile in TRD that has meaningful advantages vs. Spravato, which is expected to be a $3B-$4B peak product. We think there's room for multiple winners in the emerging psychedelic class, and expect significant patient demand for '360, expected to launch 1H27 following completion of rolling NDA submission in 4Q (management confirmed FDA is actively reviewing their filing). We've raised our peak gross revenue estimate for TRD to ~$1.5B (from $1.2B), and modestly raised our forecasted sales for the first two years of launch, where we still remain conservative vs. consensus. We also added ~$300MM of peak risk-adjusted credit for PTSD--a large, underserved indication that represents a compelling under-the-radar label expansion story; ph2b/3 startup-activites here are underway."

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