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UPDATE: H.C. Wainwright Starts GH Research PLC (GHRS) at Buy

August 16, 2022 6:26 AM EDT
Get Alerts GHRS Hot Sheet
Price: $12.22 -4.53%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 11 | New: 34
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(Updated - August 16, 2022 6:38 AM EDT)

H.C. Wainwright analyst Patrick R. Trucchio initiates coverage on GH Research PLC (NASDAQ: GHRS) with a Buy rating and a price target of $45.00.

The analyst comments "Leader in the neuropharmaceutical psychedelics space. GH Research, founded in 2018 and based in Dublin, Ireland, is a clinical-stage biopharmaceutical company focused on transforming the treatment of psychiatric and neurological disorders. GH’s pipeline includes GH001, inhalable 5-Methoxy-N,N-Dimethyltryptamine (5-MeO-DMT), which is delivered via a vaporization device, GH002, injectable 5-MeO-DMT, and GH003, intranasal 5-MeO-DMT. 5-MeO-DMT is a serotonergic psychedelic, a class of psychoactive drugs that act primarily through an agonist action on serotonin (5-hydroxytryptamine, or 5-HT) receptors and cause an altered state of consciousness. GH001 has generated compelling Phase 1 and 2 data so far in healthy volunteers and patients with treatment-resistant depression (TRD), the lead indication. A larger Phase 2b trial is planned and expected to start in 2H22. Moreover, we focus investor attention to two additional major potential positive events for the broader neuropharmaceutical psychedelics space, namely the COMPASS Pathways R&D event on October 12, and the potential advisory committee meeting to review a possible New Drug Application (NDA) for 3,4-Methylenedioxymethamphetamine (MDMA) in post-traumatic stress disorder (PTSD) in 2H23. First, the COMPASS R&D event is expected to provide thorough details on the Phase 3 program for COMP360, an oral form of psilocybin, which is in the same class of medicine as 5-MeO-DMT; investors are keenly focused on the viewpoint of regulators toward psychoactive substances given the compelling academic and clinical data generated over the last 10 years; as such, the event should provide a positive read through to the pathway for potential approval for GH001 in TRD, in our view. Secondly, the highly anticipated advisory committee for MDMA in PTSD is to be the first time since 2019 that investors should get a clearer picture of the FDA and committee members' view toward psychoactive substances in psychiatry, with potential to read through to other programs, such as GH001, in our view. Following these events, we would anticipate data to begin to emerge on GH001's Phase 2b trial, which could provide further upside for shareholders. Ahead of the GH001 Phase 2b study start, as well as the major industry events in 2H22 and 2023, we initiate coverage of GHRS with a Buy rating and $45 price target."

For an analyst ratings summary and ratings history on GH Research PLC click here. For more ratings news on GH Research PLC click here.

Shares of GH Research PLC closed at $13.34 yesterday.


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