5 Most Promising Psychedelic Stocks According To Analysts

2. COMPASS Pathways plc (NASDAQ:CMPS)

Number of Hedge Fund Holders: 10

Estimated 1-year Target Price: $44.64

COMPASS Pathways plc (NASDAQ:CMPS) is a London-based mental health care company operating in the United Kingdom and the United States. It develops therapies for the treatment of treatment-resistant depression and post-traumatic stress disorder. It is one of the most promising psychedelic stocks to monitor. 

On December 15, EF Hutton analyst Elemer Piros initiated coverage of COMPASS Pathways plc (NASDAQ:CMPS) with a Buy rating and a $38 price target. According to the analyst’s research note, COMPASS Pathways plc (NASDAQ:CMPS) is expected to be the first company to use a psychedelic drug to treat refractory depression. The analyst believes that the company is well-positioned to introduce psilocybin to the global market for treating depression that is resistant to conventional treatments, through clinical trials that meet regulatory standards.

According to Insider Monkey’s Q4 data, 10 hedge funds were bullish on COMPASS Pathways plc (NASDAQ:CMPS), compared to 15 funds in the prior quarter. Cathie Wood’s ARK Investment Management is the largest stakeholder of the company, with 1.2 million shares worth nearly $10 million. 

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