Compass Pathways Plc (CMPS) is experiencing a decline in its stock price today following the announcement of a significant securities offering. The company has priced a secondary offering of approximately 24.01 million American Depositary Shares (ADSs) at $5.796 each, aiming to raise up to $353 million. This move is intended to bolster funds for ongoing Phase 3 trials for treatment-resistant depression and a late-stage PTSD program. Despite the initial positive reaction in premarket trading, where shares rose nearly 9%, the market appears to be reacting negatively to the dilution effect of the new shares.
The current price of CMPS is $3.65, marking an 11.84% decrease from the previous close of $4.14. The stock opened at $4.08 and has seen a high of $4.09 and a low of $3.17 so far today. Despite being just 30 minutes into the trading day, the stock has already seen a substantial volume of 1,210,801 shares traded, which is 124.63% of its average daily volume of 971,518 shares, indicating significant trading activity this morning.