‘Magic Mushroom’ Company Goes Mainstream, Jumps 71% Post-IPO

Compass Pathways Plc, the U.K. company that has patented a synthetic version of the active ingredient in so-called magic mushrooms for use in treatment-resistant depression, went public on Friday.

Shares jumped 71% to $29 in New York after an initial public offering of 7.5 million shares priced at $17 each. Pricing was increased from 6.7 million shares at an expected value of $14 to $16 each, according to an earlier Securities & Exchange Commission filing. At current prices, Compass Pathways’ 34 million shares outstanding are worth almost $1 billion.