Last Friday, psychedelic drug company Compass Pathways (NASDAQ: CMPS) began trading on the Nasdaq Global Select Market. Its shares surged 70.6% and closed at $29.00. This lifted the market cap to almost $1 billion. The launch comes after Compass Pathways reportedly upsized pricing for its IPO. The company is backed by Peter Thiel, PayPal cofounder and billionaire investor.
Compass Pathways is a London-based company that is studying hallucinogenic mushrooms as a therapeutic. The company’s IPO was $17 per share, which was an increase from the initial $14-$16 expectation that had been announced earlier in the week. This put the valuation…
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