BUZZ-Compass Pathways extends rally after psychedelic depression treatment's late-stage study win

** Compass Pathways CMPS.O shares up 14.9% to $8.77 and hit fresh one-year high on Weds, adding to big gain in prior session after its therapy helped patients with hard-to-treat form of depression

** CMPS shares closed up 31% at $7.63 after co early Tues said its psilocybin-based therapy, COMP360, met main goal in late-stage trial as it aims to win approval for the first classic psychedelic treatment in the US

** Subsequently, co late Tues launched $150 mln offering of American depositary shares

** 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, per the prospectus

** Jefferies, TD Cowen, Cantor Fitzgerald and Stifel joint bookrunners

** UK-based co has ~96 mln shares outstanding

** With the move on Weds, shares have roughly doubled over the past year

** Avg rating of 11 analysts is "buy"; median PT of $20 up from $15 a month ago, per LSEG data

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

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