BUZZ-Compass Pathways climbs premarket after $150 mln equity raise

Reuters02-19 20:34
BUZZ-Compass Pathways climbs premarket after $150 mln equity raise

** Compass Pathways CMPS.O shares up 2.8% premarket at $8.69 after $150 mln follow-on offering priced

** UK-based biotech late Weds sold 18.75 mln American depositary shares, including 1.25 mln pre-funded warrants, at $8

** Co intends to use net offering proceeds to fund ongoing COMP005 and COMP006 Phase 3 trials, Phase 2b/3 trial of COMP360 in post-traumatic stress disorder, among other purposes

** CMPS shares on Tues soared 31% after co said its psilocybin-based therapy, COMP360, eased depression symptoms in late-stage trial, as it aims to win approval for the first classic psychedelic treatment in the US

** Shares on Weds rose ~11% to close at $8.45

** Jefferies, TD Cowen, Cantor Fitzgerald and Stifel joint bookrunners for the offering

** Through Weds, CMPS shares up about 90% over the past 12 months

** Avg rating of 11 analysts is "buy"; median PT $20, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment