Compass Pathways (CMPS) reported Q3 results, with near-term catalysts for its targeted H1 2027 COMP360 launch remaining on track, RBC Capital Markets said in a note Tuesday.

The company expects to submit its new drug application for COMP360 in treatment-resistant depression, or TRD, in two weeks, while its post-traumatic stress disorder trial remains ongoing and could provide additional long-term growth opportunities, the analysts said.

The analysts said they continue to see strong potential for the TRD program, supported by positive interest from doctors, insurers, and patients.

They added that while the initial launch may take time to gain momentum, they see a $1.7 billion long-term market opportunity and view the recent stock pullback as a buying opportunity.

RBC has an outperform, speculative risk rating and a $21 price target on Compass Pathways.

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