Options traders have turned unanimously bullish on CMPS. The put-call ratio hit 0.12 on June 25 — the lowest on record and a z-score of -2.3 standard deviations below the 20-day mean. For every put traded, eight calls changed hands.
That's the standout signal. But it doesn't arrive alone.
The PCR has collapsed from around 0.22 through most of May and early June to 0.12 in just days. The 52-week high was 1.38. The full reversal from near-parity bearish to hyper-bullish has been swift and sharp.
The catalyst is visible in the price tape. COMPASS Pathways has risen nearly 8% in a week and 15% over the past month. The stock closed at $13.58 on June 25. Canaccord Genuity raised its price target to $20 this morning, maintaining its Buy rating. That follows a string of similar moves — Maxim Group lifted its target from $12 to $20 in May, and Jefferies initiated with a Buy at $18 in early May. Eleven analysts now carry Buy ratings. The consensus mean target sits at $22.20, implying roughly 63% upside from current levels.
Not everyone is onside. Short interest jumped 17.4% in a single day, reaching 8.4 million shares on June 25. That's a notable one-day acceleration. It marks a reversal from a month-long decline — shares short fell from roughly 9.7 million in late May to a trough near 6.9 million in mid-June before snapping back.
The cost to borrow has risen 312% over the past week to 0.50%. In absolute terms that remains low. But the directional move is sharp and reflects fresh demand for borrows as the stock rallies. With availability at 851% — meaning roughly 19.2 million shares remain available to lend against the 8.4 million already borrowed — the lending pool is not constrained. Bears can still get short without difficulty.
The ORTEX short score sits at 53.4, broadly neutral, having ticked up from 51.3 in early June.
Several institutional holders built meaningful positions in the most recent quarter. Deep Track Capital holds 12.2 million shares — 9% of shares outstanding — after adding 4.8 million in Q1 2026. Marshall Wace and Tang Capital each initiated new positions of roughly 4 million shares in the same period. ARK Investment Management added 1.1 million shares through May.
Earnings are due July 30. The last print on May 13 moved the stock 13.3% in a single day and 16% over the following five days.
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