Add as a preferred source on GoogleCOMPASS Pathways Shares Rise in Premarket After Third-Quarter Results
The move followed a 27.31% decline Monday, when shares closed at $8.41 amid concern that a rival psychedelic therapy could reach the market sooner.
COMPASS Pathways plc (CMPS) shares rose in premarket trading Tuesday, Nov. 3, after the company released third-quarter results, as investors weighed the possibility of a rival psychedelic therapy reaching the market sooner.
A competitor’s new drug application for a psychedelic treatment had raised concern that it could reach the market before COMP360, COMPASS Pathways’ experimental treatment for treatment-resistant depression. COMPASS Pathways shares closed Monday at $8.41, down 27.31%, after a selloff ahead of the results.
The Food and Drug Administration granted rolling review to COMP360 and selected it for the agency’s Commissioner’s National Priority Voucher pilot program in April. The treatment has not been approved. COMPASS Pathways said in August that it expected to finish submitting the COMP360 application by year-end; portions were already under rolling review.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.