Aug. 5 at 6:35 PM
Oppenheimer reiterated
$CMPS Outperform-
$20/said
We view CMPS's 2Q26 update as reinforcing our conviction in COMP360 (psilocybin), while
$433M cash provides expected runway into 2028 beyond potential launch.
ATAI -
$LLY STIM
$JNJ GHRS HELP DFTX
Oppenheimer added—CMPS represents a leader in psychedelics with COMP360 potentially becoming the first-ever FDA-approved psychedelic therapy in 1H27, and currently expects NDA completion in 4Q26 that features two positive Ph3 trials in >1K patients.
Management emphasized progress with the FDA rolling review, commercial readiness initiatives, payor engagement, and salesforce buildout ahead of launch.
We believe the Ph3 COMP006 durability data support ~3-4x annual dosing that enables favorable economics for clinics and payors.
Meanwhile, we see increasing focus on additional COMP360 opportunities beyond TRD including PTSD and other adjacent neuropsychiatric indications. Our recent KOL discussion supports our confidence. We update our model with actuals.
