Compass Pathways initiated with a Buy at Stifel

Stifel initiated coverage of Compass Pathways (CMPS) with a Buy rating and $11 price target The firm sees “major stakeholders,” including thought leaders and physicians coalescing around a view that psychedelics are likely to become a major drug class within neuropsychiatry and it believes the company is well positioned over the next about 18 months to derisk COMP360 psilocybin across two Phase 3 studies. Shares trading “well below” the IPO price offer “an attractive opportunity” ahead of upcoming catalysts, the analyst tells investors.