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Why Did Compass Pathways Stock Rocket Higher Today?

TheMotleyFool

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It's been a long road for Compass Pathways (NASDAQ: CMPS) to prove that its treatment using psilocybin therapy for treatment-resistant depression (TRD) can be successful. It was back in 2018 when the company received breakthrough therapy designation from the U.S. Food and Drug Administration (FDA) for its treatment.

Today, Compass updated investors on its drug trial progress, and the stock shot higher. Compass announced two Phase 3 trials that were statistically significant and positive, with plans to formally submit a New Drug Application (NDA) to the FDA for approval.

Source Fool.com

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