CMPS Stock Jumps 22% Pre-Market As Compass Sets Timeline For New Phase 3 Depression Trial Results

The company is currently conducting clinical trials of COMP360, a proprietary synthetic formulation of psilocybin, designed for treatment-resistant depression.

• Compass announced in January that the FDA had accepted its Investigational New Drug application for COMP360 for the treatment of post-traumatic stress disorder.
• The company said it is working on making COMP360 ready for commercial launch by the end of the year for TRD as well.
• The company expects to release the 26-week Part B data from its COMP006 trial for TRD in the early third-quarter this year.

Compass Pathways PLC (CMPS) shares were up nearly 22% in Tuesday’s pre-market trade ahead of the company’s announcement of new clinical data from two of its ongoing Phase 3 trials.

Compass announced on Monday that it will report new clinical data from two ongoing Phase 3 trials evaluating COMP360 for treatment-resistant depression (TRD).

The company will report this data at 6:30 a.m. ET, before the regular trading session kicks off.

What Is Compass Evaluating?

Compass is currently undertaking clinical trials of COMP360, a synthetic and proprietary formulation of psilocybin, designed for TRD.

The company announced in January that the U.S. Food and Drug Administration (FDA) had accepted its Investigational New Drug (IND) application for COMP360 for the treatment of post-traumatic stress disorder (PTSD), allowing the company to begin a late-stage trial.

Compass said it is working on making COMP360 ready for commercial launch by the end of the year for TRD as well.

“As our commercialization plans advance, our focus is on ensuring seamless access to COMP360 for patients living with TRD, if approved,” said Compass CEO Kabir Nath last month. The company said in January that it would disclose the results of the two ongoing Phase 3 trials in the second half of the first quarter (Q1).

The company expects to release the 26-week Part B data from its COMP006 trial for TRD in the early third quarter (Q3) this year.

Here’s What Stocktwits Users Think

Retail sentiment on Stocktwits around Compass trended in the ‘extremely bullish’ territory, with message volumes at ‘extremely high’ levels. The CMPS stock was among the top trending tickers on the platform at the time of writing.

One bullish user thinks Compass’ COMP360 trial data will be “great.”

Another user said that if the trial data were poor, Compass would not have issued the press release as it did.

What Does Compass Do?

London-headquartered Compass is a biotechnology company engaged in the development of solutions for mental health conditions through its investigational COMP360 synthetic psilocybin treatment.

CMPS stock is down 14% year-to-date, but up 27% over the past 12 months.

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