Canaccord Genuity Group has commenced coverage of Compass Therapeutics (NASDAQ:CMPX), issuing a buy rating along with a target price of $10.00. This announcement was made in a research report distributed to investors on November 5, 2023. The initiation of coverage comes amid a flurry of recent assessments from various financial institutions regarding the company’s stock.
In addition to Canaccord Genuity’s assessment, other firms have also released updates on Compass Therapeutics. For instance, Wall Street Zen upgraded the stock from a “sell” rating to a “hold” rating on November 8. Meanwhile, D. Boral Capital reaffirmed its “buy” rating, setting a significantly higher target price of $30.00 for the shares. Citigroup has also begun coverage, assigning an “outperform” rating to the stock. Conversely, Weiss Ratings maintained a “sell (d-)” rating for the company.
The overall consensus among analysts indicates a generally positive outlook for Compass Therapeutics. Currently, one research analyst has assigned a Strong Buy rating, while thirteen others have given a Buy rating. Only one analyst has rated the stock as a Sell. According to MarketBeat.com, Compass Therapeutics holds an average rating of “Moderate Buy” and an average price target of $12.23.
Financial Performance and Institutional Interest
On November 5, 2023, Compass Therapeutics reported its quarterly earnings, revealing an earnings per share (EPS) of ($0.08). This figure surpassed analysts’ expectations, which had estimated an EPS of ($0.14). Looking ahead, analysts predict that the company will post an EPS of ($0.36) for the current fiscal year.
Institutional investors have also been active in adjusting their positions in Compass Therapeutics. CIBC Bancorp USA Inc. acquired a new stake valued at approximately $37,000 in the third quarter. Vivo Capital LLC notably increased its holdings by 57.9%, now owning 9,545,466 shares worth around $33.4 million. Millennium Management LLC significantly boosted its position by 280.4%, acquiring an additional 2,386,367 shares, bringing its total to 3,237,572 shares valued at approximately $11.3 million.
Focus Partners Wealth also raised its holdings by 16.2%, now owning 15,805 shares valued at $56,000. Citadel Advisors LLC made a remarkable increase in its holdings by 1,981.2%, now possessing 233,271 shares worth approximately $816,000. Overall, institutional investors control 68.43% of the company’s stock, suggesting strong confidence in the firm’s future.
About Compass Therapeutics
Compass Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on oncology. The company develops antibody-based therapeutics aimed at treating various diseases in the United States. Its lead product candidates include CTX-009, a bispecific antibody designed to block Delta-like ligand 4, which is associated with critical signaling pathways for angiogenesis and tumor vascularization. Another notable candidate is CTX-471, an IgG4 monoclonal antibody that acts as an agonist of CD137, a vital co-stimulatory receptor on immune cells.
With ongoing developments in its product pipeline and a growing base of institutional support, Compass Therapeutics is poised for potential advancements in the competitive biopharmaceutical landscape. Investors are keenly watching how the company navigates its upcoming endeavors.
