Shares of COMPASS Pathways plc (CMPS) surged on Tuesday morning after the company reported successful results from its second Phase 3 trial of COMP360 psilocybin for treatment-resistant depression.
The stock is currently trading at $8.41, up $2.60 or 44.75%, on the Nasdaq. The stock opened at $7.81 after closing Monday at $5.81. The stock has traded between $2.25 and $8.80 in the past 52-week period.
Compass said its Phase 3 COMP006 trial met its primary endpoint, demonstrating a highly statistically significant reduction in depression severity for the 25 mg dose of COMP360 compared with the control group at Week 6. The study also showed a favorable safety profile and rapid onset of treatment effect.
The company plans to pursue a rolling regulatory submission with the U.S. FDA and aims to file a New Drug Application in the fourth quarter.
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