RTTNews | Nov 9, 2021 10:36AM EST

10:35 Tuesday, November 9, 2021 (RTTNews.com) - Shares of COMPASS Pathways plc (CMPS) tanked over 25% on Tuesday morning despite the company reporting positive results from a mid-stage trial of its COMP360 psilocybin therapy for treatment-resistant depression.

CMPS is currently trading at $31.77, down $11.29 or 26.23%, on the Nasdaq, on heavy volume of 2.8 million shares, above average volume of 395 thousand shares. The shares have traded between $28.58 and $61.69 in the 52-week period.

The phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression achieved its primary endpoint for the highest dose, with a 25mg dose of COMP360 demonstrating a highly statistically significant and clinically relevant reduction in depressive symptom severity after three weeks, with a rapid and durable treatment response.

In the trial, a single dose of investigational COMP360 psilocybin was given to 233 patients in conjunction with psychological support from specially trained therapists.

The trial compared two active doses of COMP360, 25mg and 10mg, against a comparator 1mg dose. The 25mg group vs the 1mg group showed a -6.6 difference on the MADRS (the Montgomery-Asburg Depression Rating Scale) at week 3.

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